Gold prices in Uzbekistan reached a new record, on January 26, with the cost of gold bars exceeding UZS 10mn (over $830) per five grams for the first time, according to data published by the Central Bank.
The price of one gram of gold rose to over UZS 2mn (over $167), marking a 2.49% increase compared to the previous weekend. As a result, a five-gram gold bar was priced at UZS 10.036mn (over $830), which is UZS 243,000 (over $20) higher than its level on the preceding on January 23.
Earlier, on January 12, the price of a five-gram gold bar surpassed UZS 9mn (around $750) for the first time. Since the beginning of January, gold prices on the domestic market have increased by 15.9%, reflecting a steady upward trend.
The rise in local prices corresponds with developments in global markets. International gold prices reached $5,072 per troy ounce, equivalent to approximately $163 per gram. Silver prices also increased, with the cost of a troy ounce exceeding $100 for the first time, rising by more than 4% within a single day.
According to analysts cited by ABC, demand for precious metals continues to grow due to ongoing geopolitical tensions, interest rate reductions in the United States, and increased purchases by central banks. In particular, the People’s Bank of China has expanded its gold reserves consistently over the past 14 months.
Philip Newman, Director of Metals Focus, stated that current forecasts suggest gold prices could peak at around $5,500 per troy ounce later this year. He noted that while short-term price corrections may occur as investors take profits, such declines are expected to be limited due to sustained demand.
Robin Brooks, a senior fellow at the Brookings Institution in Washington, linked the rise in precious metals prices to broader global economic conditions. He suggested that increasing debt levels and potential weakening of the U.S. dollar could further support growth in gold prices.
