Gold bar prices hit unprecedented highs in January
Gold Prices Reach Record Levels in Uzbekistan
The price of gold has surged by nearly 1% in a single day in Uzbekistan, reaching record levels on Friday, January 31. According to the Central Bank, standard gold bars are now priced at 1,196,980 UZS per gram, a 5.7% increase since the beginning of the year.
Global market prices for gold are also at peak levels, with a troy ounce being sold for $2,795, or $89.88 per gram. The Central Bank has been selling gold coins to the public since 2018, and recently expanded its offerings to include gold bars, which individuals can now export under specific conditions.
These efforts are aimed at reducing Uzbekistan’s reliance on foreign currencies and providing greater investment opportunities for the public. Gold coins and bars can be bought and sold through commercial banks, with prices updated daily on the Central Bank’s website and Telegram bot.
By September 2023, 255 kg of standard gold bars were in circulation in Uzbekistan, with the 10-gram bars being the most popular. The Central Bank has also minted 3,550 commemorative gold coins in five series between 2021 and 2023, totaling 72 kg. In October 2024, all the issued coins were sold by the regulator.
With gold prices on the rise, the precious metal continues to be a sought-after investment option for both individuals and the Central Bank in Uzbekistan.
