The Central Bank of Uzbekistan announced a new record high for gold bars and commemorative coins on May 20. One gram of gold now costs UZS 1,031,680 ($81.4), up 2.7% from before the weekend. The price of a five-gram bar is now UZS 5,158,000 (almost $407), an increase of UZS 135,000 ($10.6) from May 17.
The last record was set on May 16, with a 1.8% increase in one day. Gold had previously reached UZS 1 mn (almost $80) per gram in April, with a 21.7% increase since the beginning of the year. Global gold prices are also at multi-year highs, with a troy ounce currently valued at $2,443, equivalent to $78.6 per gram.
The Central Bank began selling gold coins to the public in 2018, followed by gold bars two years later. Individuals can take them out of Uzbekistan, subject to certain conditions. These measures aim to reduce Uzbekistan's dependence on foreign currency. Experts also suggest that access to gold will increase investment opportunities and help safeguard savings.
According to the Central Bank's September 2023 data, Uzbek citizens purchased 255 kg of bullion bars, with the 10-gram ingots being the most popular.
Follow Daryo's official Instagram and Twitter pages to keep current on world news.
Comments (0)