Precious Metals Prices Skyrocket: Bars and Coins Reach All-time Highs
Gold Prices Reach Record High in Uzbekistan
In recent months, the prices of precious metals in Uzbekistan have been steadily increasing, with gold reaching new highs on the local market. According to the Central Bank, on Wednesday, September 11, the prices for gold bars and commemorative coins hit record levels.
The price of one gram of gold has reached 1,062,760 UZS, representing a 1.1% increase from the previous day. A five-gram gold bar is now being offered for 5,314,000 UZS. In the last month alone, gold prices have reached record levels five times, with a 25% increase since the beginning of the year and a 35.8% increase over the past 12 months.
Globally, gold prices remain close to peak levels, with a troy ounce trading at $2,518, equivalent to $81 per gram on the spot market. The Central Bank of Uzbekistan started selling gold coins to the public in 2018, followed by the introduction of gold bars two years later. Physical buyers are permitted to export these precious metals from Uzbekistan under certain conditions.
These measures are seen as efforts to reduce Uzbekistan’s economic dependence on foreign currency. Moreover, experts believe that access to gold expands investment opportunities and helps safeguard savings. Gold bars and coins can be bought and sold through commercial banks, with prices updated daily and available on the Central Bank’s website and Telegram bot.
According to the Central Bank, as of September 2023, Uzbeks have purchased a total of 255 kg of gold bars, with 10-gram bars being the most popular choice among buyers. The increasing interest in and demand for gold indicate a growing trend towards investing in precious metals as a means of financial security in Uzbekistan.
