The Central Bank of Uzbekistan announced new record prices for gold bars and commemorative coins, on April 3. According to the regulator's press service, a five-gram gold bar is now priced at UZS 4.833 mn ($383), with the price per gram reaching UZS 966,660 ($76.62), indicating a daily increase of 2.4% or UZS 22,680 ($1.80).
The trend of rising gold prices has been consistent, with records set on all three days of April and eight times in March. Since the beginning of the year, gold prices have increased by 14%.
In global markets, gold prices have also been climbing, with a troy ounce valued at $2,280, equivalent to approximately $73.39 per gram.
The factors driving the increase in gold prices include geopolitical tensions, inflationary pressures, economic uncertainties, and fluctuations in currency values.
In 2018, the Central Bank of Uzbekistan launched a program to sell commemorative gold coins and bars to the public, which was later expanded in 2020. The goal of the initiative was to decrease dependence on foreign currency and broaden the country's economic base. Under specified conditions, individuals are permitted to export these assets from Uzbekistan, with transactions facilitated by commercial banks using daily prices determined by the Central Bank, influenced by global gold prices.
Since 2020, Uzbek citizens have bought a total of 255 kilograms of measured ingots, with the most preferred option among investors being the 10-gram bars.
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