The Central Bank of Uzbekistan updated its gold pricing on August 19, with one gram of gold rising to UZS 1.1mn ($87.3) and a five-gram bar priced at UZS 5.3mn ($420.4), marking a 2.4% increase from the previous week.
This latest price adjustment surpasses the previous record of UZS 5.18mn ($410.9) for a five-gram bar set just a week earlier by 1.5%. The peak price for gold was last updated in July.
International gold prices have recently exceeded $2,500 per troy ounce ($80.3 per gram) for the first time, driven by heightened demand for safe-haven assets amid anticipated escalations in Middle Eastern conflicts.
Since the Central Bank began offering gold coins to the public in 2018, and gold bars two years later, individuals have had the opportunity to purchase and export these assets from Uzbekistan under specific conditions. This move aims to reduce the country's reliance on foreign currency and expand investment opportunities, as well as secure personal savings.
As of September 2023, Uzbeks have purchased 255 kg of gold bars, with 10-gram bars being the most popular choice among buyers.
In the first half of 2024, Uzbekistan exported $4.2bn worth of gold. Global gold demand remains strong as investors seek to diversify portfolios and hedge against risks, with the trading volume of semi-processed gold rising by 12.5% to over $145 billion by the end of 2023.
In addition, Uzbekistan emerged as a major global gold buyer, selling a net volume of 7 tons of gold since the start of 2024, ranking third in global sales behind Thailand (10 tons) and the Philippines (25 tons). Major buyers during this period included Türkiye, India, and China, underscoring robust regional demand.
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