Gold Prices Surge as 5-Gram Bar Exceeds 5.7 Million UZS
Gold prices skyrocketed to a new high on October 18, with a 5-gram gold bar surpassing 5.7 million UZS for the first time. This surge is directly linked to the escalating global uncertainty leading up to the upcoming U.S. elections.
Presently, the price of gold stands at 1,148,740 UZS per gram, indicating a 1.2% rise in just one day. The smallest gold bar, weighing 5 grams, is now priced at 5,744,000 UZS, setting a new record and exceeding the previous high achieved three weeks ago after a five-day rally. Since the start of the year, the value of gold has surged by 35.5%.
Internationally, gold prices are also hitting new heights, with December contract prices for a troy ounce reaching $2,710, equivalent to around $87.14 per gram. Experts are observing a heightened interest in gold as a safe-haven asset amid global uncertainties, with market volatility expected to persist until the conclusion of the U.S. elections and the formation of a new administration.
The Central Bank of Uzbekistan initiated the sale of gold coins to the public in 2018 and introduced gold bars two years later. Individuals are allowed to export these gold products from Uzbekistan under specific conditions, aiming to decrease the country’s reliance on foreign currency. Furthermore, experts believe that enhanced access to gold will broaden investment opportunities and enhance savings security.
Gold coins and bars can be purchased and sold through commercial banks, with prices updated daily and accessible on the Central Bank’s website and Telegram bot. As of September 2023, Uzbekistanis collectively owned 255 kilograms of gold bars, with 10-gram bars being the most popular choice among buyers.
