Prices for gold bars and commemorative coins have surged to new highs, the press service of the Central Bank of Uzbekistan reported on April 1.
As of the latest data, one gram of gold is priced at UZS 943,380 ($74.74). A five-gram gold bar is now being sold for UZS 4.717 mn ($374). On the global market, the price of gold has also reached record levels, with exchanges quoting $2,234 per troy ounce, equivalent to $72.66 per gram.
The surge in gold prices has been a consistent trend throughout March, with the precious metal setting new records multiple times. Within a single week, the price of a 5-gram gold bar increased by UZS 200,000 ($15.84), culminating in a significant milestone on March 27 when it surpassed the UZS 4.5 mn mark for the first time. Year-to-date, gold prices have risen by 11.2%, indicating sustained demand for the metal amidst uncertain economic conditions.
In 2023, gold prices in Uzbekistan saw fluctuations, reaching record highs in March and early May, exceeding UZS 3.8 mn ($303) and UZS 3.9 mn ($311) respectively for the smallest bar. However, there were intermittent declines during the summer, with prices dropping below UZS 3.7 mn ($295) per five grams. Notably, on August 14th, there was a significant rally with a 3% increase in quotes, indicating gradual growth.
The Central Bank of Uzbekistan initiated the sale of commemorative gold coins and bars to the public in 2018, expanding the program in 2020 to reduce reliance on foreign currency and diversify the economy. Individuals 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.
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 directed the establishment of a significant gold processing and sales center in Namangan, drawing inspiration from Turkey's successful model.
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