The Central Bank of Uzbekistan announced updates to the prices of gold bullion bars and commemorative coins on March 4. The revised prices indicated a significant increase in the cost of gold ingots, with a 5-gram ingot now priced at UZS 4.347 mn ($346), representing a 1.5% rise from the previous day. This surge marks a continuation of a trend wherein gold bullion quotes have reached consecutive highs, with the previous record set in early December at UZS 4.25 mn ($339) for a 5-gram bar.
Throughout 2023, the price of gold in Uzbekistan experienced notable volatility. Instances of record highs were observed, such as in March when the cost of the smallest bar surpassed UZS 3.8 mn ($303) for the first time, followed by further increases in early May exceeding UZS 3.9 mn ($311). However, there were intermittent declines during the summer, with prices dropping below UZS 3.7 mn ($295) per five grams. A significant rally occurred on August 14, with quotes increasing by 3%, marking a shift towards sustained gradual growth.
The Central Bank of Uzbekistan's decision to offer commemorative gold coins and bars to the public, beginning in 2018 and expanding two years later, aims to reduce Uzbekistan's reliance on foreign currency and diversify the economy. Individual buyers are permitted to export these assets from Uzbekistan, subject to specific conditions. Facilitating transactions through commercial banks, the Central Bank of Uzbekistan sets daily prices based on global gold quotations, which are then disseminated through official channels, including the Central Bank's website and a dedicated Telegram bot.
Since 2020, Uzbek citizens have purchased a total of 255 kilograms of measured ingots, with 10-gram bars being the most popular choice among investors.
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