Uzbekistan

Central Bank: Gold Bar Prices Reach Record High

The Price of Gold Reaches New Record Highs in Uzbekistan

On Friday, January 24, the Central Bank of Uzbekistan announced that the price of gold bullion had reached new record highs, with a 5-gram gold bar approaching 6 million UZS. A gram of gold is now valued at 1,193,230 UZS, representing a nearly 1% increase compared to the previous day.

The 5-gram gold bar is being sold for 5,966,000 UZS, which is a significant 5.4% price hike since the beginning of the year. The Central Bank also introduced 100-gram gold bullion bars for sale last week, aiming to provide more investment opportunities for the population.

Global precious metal prices are also on the rise, with an ounce of gold currently valued at $2,773. The Central Bank had started selling gold coins to the public in 2018, followed by gold bullion two years later. Individual buyers are allowed to export these items from Uzbekistan as long as they comply with regulations.

These measures are part of an effort to reduce the Uzbek economy’s dependence on foreign currency. Experts believe that providing access to gold will not only broaden investment opportunities but also help safeguard savings in the long run.

 

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