Uzbek Commodity Exchange has reported a significant upswing in the sales of precious metals, more than doubling the figures from the previous year. The press service of the Uzbek Exchange has disclosed that in 2023, a staggering 1.8 tons of precious metals were successfully traded through exchange platforms, amounting to an impressive total of UZS 1.13 trillion (approximately $91.4 mn).
Gold emerged as the undisputed star of the show, constituting a staggering 99% of the total precious metals traded on the Uzbek Exchange. In contrast, sales of silver accounted for a more modest UZS 2.6 bn ($210,412).
The surge in sales is particularly noteworthy when compared to the figures from the previous year. The data reveals a remarkable 2.2-fold increase in the sales of precious metals on the exchange, showcasing a growing appetite for these valuable commodities.
Throughout the entirety of 2023, the exchange quotations for gold experienced a noteworthy uptick, increasing by 14.8%. This surge saw the per-gram price rise from UZS 684,800 ($55.42) to an UZS 786,000 ($63.61). The Central Bank of Uzbekistan further substantiated these market trends, reporting a substantial 22.8% increase in the price of a gram of gold by the end of 2023, reaching a remarkable UZS 850,000 ($68.79).
The pricing mechanism for precious metals on the Uzbek Exchange is intricately tied to the latest morning fixing of the London Bullion Market Association, translated into the national currency at the Central Bank of Uzbekistan exchange rate on the date of the exchange transaction.
AMMC and NMMC emerge as the key players in the exchange, serving as the primary sellers of precious metals. On the other side of the transaction, buyers encompass a diverse spectrum, including manufacturers of industrial products, jewelry manufacturers, and individual entrepreneurs, showcasing the widespread interest and utility of precious metals across various sectors.
Founded in 1994, the Uzbek Commodity Exchange was established as an open joint stock company and received official registration from the Ministry of Justice of the Republic of Uzbekistan. Referred to as UzEx, the exchange has evolved into the largest trading platform in Central Asia and is currently recognized as a dynamically growing commodity exchange within the Commonwealth of Independent States (CIS) region.
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