Precious metals in Uzbekistan hit historic highs, with gold bars and coins reaching record prices, driven by increased demand for safe-haven assets, as confirmed by the Central Bank. A 5-gram gold bar now costs UZS 4.5 mn ($360), a significant rise, while a gram is priced at UZS 889,520 (over $70), up 1.2% from March 7.
World exchanges are witnessing unprecedented highs for gold prices, with a troy ounce currently valued at $2,180 (equivalent to $70 per gram). Uzbekistan’s gold market has mirrored this trend, setting new quotation records for five consecutive working days.
In 2018, the Central Bank began selling gold coins to the public, followed by the introduction of gold bars two years later. Individual buyers were granted the opportunity to take gold out of Uzbekistan, subject to specific conditions.
These measures aim to reduce the country’s reliance on foreign currency. Experts believe that increased access to gold will enhance investment prospects and provide a secure avenue for savings. Coins and bullion can be conveniently bought and sold through commercial banks.
Since 2020, Uzbeks collectively purchased 255 kg of gold bullion. The most sought-after denomination remains the 10-gram ingot.
As gold continues to shine as a valuable asset, investors and savers alike are closely monitoring the market dynamics. The Central Bank’s proactive approach ensures transparency and accessibility for those seeking to participate in the golden opportunity.
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