Gold Price Soars to 1.2 Million UZS per Gram, Says Central Bank
The Central Bank of Uzbekistan reported a new peak in the prices of gold bars and commemorative coins on Monday, February 3. While globally, the price of gold saw a slight decrease following last week’s record high, the price of gold in Uzbekistan continues to rise.
Currently, one gram of gold is priced at 1,197,760 UZS, which is an increase of 780 UZS or 0.065% compared to Friday. A 5-gram gold bar is being sold for 5.989 million UZS in the country.
On the global market, the price of gold experienced a slight correction, with a troy ounce now priced at $2,779, reflecting a 0.6% decrease from the previous day.
The Central Bank of Uzbekistan started selling gold coins to the public in 2018 and introduced gold bars two years later. Private buyers are permitted to export them from Uzbekistan under certain conditions.
These initiatives were put in place to reduce Uzbekistan’s dependence on foreign currency. Experts believe that increased access to gold will provide more investment opportunities and help safeguard citizens’ savings.
Gold coins and bars can be purchased and sold through commercial banks in Uzbekistan. The prices are updated daily and can be found on the Central Bank’s website and Telegram bot.
Recent data from the Central Bank shows that by September 2023, Uzbek citizens held 255 kg of standard gold bars, with the most popular being 10-gram bars. Between 2021 and 2023, the Central Bank minted 3,550 gold commemorative coins in five series, totaling 72 kg. By October 2024, all of the coins issued up to that point had been sold.
