Gold Bar Prices Hit Four-Day Peak
Gold bar prices in Uzbekistan have been on the rise since the beginning of the year, reaching new all-time highs for the fourth consecutive trading day on Wednesday, February 5. According to the Central Bank, the price of a five-gram gold bar now stands at 6.114 million UZS, with one gram of gold priced at 1,222,730 UZS – a 0.7% increase in just one day and nearly 8% since the start of the year.
Simultaneously, global gold prices are also reaching new records, with a troy ounce priced at $2,855 or $91.82 per gram. The average price has increased by 1.3% in the past day and soared by 38.5% on a yearly basis.
In an effort to reduce economic reliance on foreign currency, the Central Bank introduced gold coin sales to the public in 2018, followed by gold bar sales in 2020. Individuals are now allowed to take bars out of Uzbekistan, as long as they meet specific conditions. Experts suggest that having greater access to gold enhances investment opportunities and serves as a safeguard for savings.
Gold coins and bars can be bought and sold through commercial banks, with prices updated daily and available on the Central Bank’s website and Telegram bot. Recent data from the Central Bank shows that as of September 2023, Uzbek citizens held 255 kg of standard gold bullion, with 10-gram bars being the most popular choice.
Between 2021 and 2023, the Central Bank minted 3,550 commemorative gold coins in five series, totaling 72 kg. In October 2024, all previously issued coins were sold out. The trend of rising gold prices is expected to continue, highlighting the importance of gold as a valuable asset for investors in Uzbekistan and beyond.
