Gold Surges to Record Highs as Central Banks Increase Buying
Global gold prices have reached unprecedented levels, surpassing $3,000 per troy ounce for the first time in history. The price of standard gold bullion in Uzbekistan’s banks hit a new record on March 14, according to the Central Bank of Uzbekistan.
One gram of gold now costs 1,272,440 UZS, representing a 1.6% increase from the previous day. A 5-gram gold bar is priced at 6.362 million UZS, while the 100-gram bullion introduced in January is available for 127.24 million UZS.
Gold has risen in value by 0.6% compared to the last peak recorded on February 20. Prices have seen a significant increase of 12.4% over the past 2.5 months, with a year-on-year growth of 41.4%.
On global exchanges, the average price of gold currently stands at $2,985 per troy ounce ($95.97 per gram). Futures on gold briefly crossed the $3,000 mark following a report from the U.S. Bureau of Labor Statistics showing a slowdown in producer price inflation, indicative of economic cooling.
The precious metal has emerged as the most profitable asset since the beginning of the year, driven by trade policies under U.S. President Donald Trump and escalating global trade tensions. Central banks worldwide are increasing their gold reserves, further boosting demand.
Financial analysts anticipate further price hikes, with Macquarie Group’s Marcus Garvey predicting a temporary surge to $3,500 per ounce, especially with potential tariff decisions by the White House.
In Uzbekistan, the Central Bank has been selling gold coins to the public since 2018, followed by the introduction of gold bars in 2020. The initiatives aim to reduce dependence on foreign currency and expand investment opportunities, providing a secure store of value for citizens.
Gold coins and bullion can be bought and sold through commercial banks in Uzbekistan, with updated prices available on the Central Bank’s website and Telegram bot. As of September 2023, Uzbek citizens held 255 kg of standard gold bars, with the 10-gram bullion being the most popular choice.
Between 2021 and 2023, the Central Bank minted 3,550 commemorative gold coins in five different series, totaling 72 kg of gold. By October 2024, all available coins had been sold out, indicating a growing interest in gold as an investment option in Uzbekistan.
