Gold Prices Reach Record Highs in Uzbekistan due to Global Market Trends
The price of standard gold bullion in Uzbekistan has reached a new record high, according to the Central Bank. On Monday, February 17, the price per gram of gold was set at 1,257,970 UZS, showing a 0.24% increase from Friday’s rate. This means that a 5-gram gold bar is now priced at 6.29 million UZS.
In less than two months since the beginning of the year, gold prices in Uzbekistan have hit record levels for the 10th time, with an overall increase of 10.7% during this period. Compared to the same time last year, gold prices have surged by nearly 52%.
Globally, the market is experiencing a slight correction after reaching a peak late last week. Currently, an ounce of gold is trading at approximately $2,900 ($93.29 per gram).
The Central Bank of Uzbekistan started selling gold coins to the public in 2018, followed by bullion in 2020. Individual buyers are permitted to take these gold products out of Uzbekistan, as long as specific conditions are met.
These measures were implemented to reduce the Uzbek economy’s dependence on foreign currencies. Experts believe that increasing access to gold can improve investment opportunities and offer a safe haven for savings.
Both gold coins and bullion can be bought and sold through commercial banks, with daily price updates accessible on the Central Bank’s website and Telegram bot. Investors and individuals interested in purchasing gold can take advantage of these opportunities provided by the Central Bank of Uzbekistan.
