Gold prices in Uzbekistan have experienced a significant uptick, rising by more than 1% over the weekend, nearly reaching their peak levels, according to a report from the Central Bank. For a 5-gram gold bar, the price stands at UZS 3.955mn (over $325), with one gram priced at UZS 790,940 (over $65), just slightly below the absolute peak recorded on May 5th.
Throughout the year, the precious metal has consistently set new price records. In March, the price of the smallest gold bar crossed the UZS 3.8mn (over $312) mark for the first time, and by early May, it had reached UZS 3.9mn (over $320). Although there was a slight decrease in gold prices afterwards, with prices falling below UZS 3.7mn (over $304) per five grams on two occasions, a significant rally occurred on August 14th, marking the strongest performance since the start of the year. Since the beginning of September, prices have remained relatively stable, hovering around UZS 780,000 (over $64)per gram.
The Central Bank of Uzbekistan initiated the sale of commemorative gold coins to the general population in 2018, followed by the introduction of gold bars two years later. Individual buyers were granted the ability to export these bars from Uzbekistan, contingent upon certain conditions. These measures were implemented with the objective of reducing the country's reliance on foreign currency. Additionally, experts believe that expanding access to gold can enhance investment opportunities and offer a means to safeguard savings.
Earlier Daryo reported that the cost of one gram of gold increased by 3.3% in August, affecting the prices of standard gold bars and special commemorative coins.
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