Gold prices in Uzbekistan are up to their highest level since November, with notable increases reported on January 17. The price per gram of gold has risen to UZS1,166,030 (approximately $90.1), marking a 1% increase from the previous day. A 5-gram bar is now priced at UZS5.83 mn (around $450.5), while the newly introduced 100-gram bar is available for UZS116.6 mn (about $9,020.9).
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This price surge follows a period of volatility, as gold prices had significantly dropped shortly after peaking in November, when a 5-gram bar was priced at UZS5.879 mn (around $454.8). At that time, the price briefly fell below UZS5.5 mn (roughly $425), equivalent to UZS1.1 mn per gram, before beginning to climb again.
Global Market Trends
The rise in Uzbekistan’s gold prices aligns with a global recovery in gold values. Internationally, the price of gold has been on the rebound following a dip in December. A troy ounce of gold currently stands at $2,715, or about $87.3 per gram, reflecting a 2.5% increase from the previous month.
Central Bank’s Gold Initiatives
Uzbekistan’s Central Bank has been playing a key role in gold market developments, having introduced gold coins to the public in 2018, followed by gold bars in 2020. These initiatives are part of the country’s strategy to reduce its economic reliance on foreign currencies while providing citizens with an opportunity to invest in a more stable asset.
Under the current regulations, individuals can purchase gold coins and bars from commercial banks, with prices updated daily. Buyers are also allowed to export their gold purchases from Uzbekistan, subject to compliance with relevant conditions.
Public Access to Gold Investments
As of September 2023, data from the Central Bank revealed that citizens of Uzbekistan held 255 kilograms of standardized gold bars, with the 10-gram bars being the most popular choice. Between 2021 and 2023, the Central Bank minted 3,550 commemorative gold coins, totaling 72 kilograms of gold. By October 2024, all previously minted gold coins had been sold out, highlighting strong public demand for gold-based investments.
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