Gold prices for bars and coins in Uzbekistan rised to a new high, as reported by the Central Bank of Uzbekistan on March 27. The cost of one gram of precious metal now stands at UZS 915,000 ($72.50), representing a 0.9% increase from the previous day. Concurrently, the price of a 5-gram gold bar reached UZS 4.575 mn ($363).
Despite the uptick in local gold prices, global gold prices experienced a slight decrease compared to the previous week. While the cost of a troy ounce stood at $2,200 on March 20, it has since decreased to approximately $2,180.
The price of gold in Uzbekistan had been setting new records in early March, with the cost of a 5-gram bar increasing by UZS 200,000 ($15.85 ) within a week. On March 12, the price reached a milestone of UZS 4.5 mn ($356.56) for the first time.
Fluctuations and Milestones
Throughout 2023, gold prices in Uzbekistan experienced fluctuations, with record highs in March and early May surpassing UZS 3.8 mn ($303) and UZS 3.9 mn ($311) respectively for the smallest bar. During the summer, intermittent declines occurred, with prices dropping below UZS 3.7 mn ($295) per five grams. Notably, on August 14, there was a significant rally with a 3% increase in quotes, indicating gradual growth.
The Central Bank of Uzbekistan introduced commemorative gold coins and bars to the public starting in 2018, expanding the initiative in 2020 to reduce reliance on foreign currency and diversify the economy. Individual buyers can export these assets from Uzbekistan under specific conditions, with commercial banks facilitating transactions based on daily prices set by the Central Bank, derived from global gold quotations disseminated through official channels.
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.
Earlier Daryo reported that President Shavkat Mirziyoyev has instructed the creation of a substantial gold processing and sales hub in Namangan, drawing inspiration from Turkey's effective model.
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