Gold Prices Soar to All-Time Highs in Uzbekistan
Gold Prices Soar by Over 30% Since the Beginning of the Year
Since the beginning of the year, gold prices have skyrocketed by more than 30%, reaching a new record high on Monday, September 23. According to the Central Bank, the prices of gold bars and commemorative coins have hit unprecedented levels in the local market.
Currently, one gram of gold is priced at 1,108,980 UZS, marking a 1.5% increase from the previous Friday. A 5-gram gold bar now costs 5,545,000 UZS, reflecting the upward trend in gold prices.
The retail price of gold in Uzbekistan has reached a new maximum for the fourth time since the beginning of September, with an overall increase of 30.8% over the past nine months. Global gold prices are also surging, with the spot price for a troy ounce nearing $2,630 ($84.56 per gram) at the time of publication.
In an effort to reduce the country’s dependence on foreign currency, the Central Bank introduced the sale of gold coins to the public in 2018, followed by gold bars in 2020. Individual buyers are permitted to export these items from Uzbekistan under specific conditions.
Experts believe that these measures will expand investment opportunities and help secure savings for the population. Coins and bars can be purchased and sold through commercial banks, with daily updated prices available on the Central Bank’s website and in a Telegram bot.
According to data from the Central Bank for September 2023, Uzbeks have purchased a total of 255 kg of gold bars, with the 10-gram bars being the most popular choice among buyers. As gold prices continue to rise globally, the demand for this precious metal in Uzbekistan shows no signs of slowing down.
