Gold prices have reached new record highs, with the price on the American Comex exchange surpassing $2,901 per troy ounce, marking an unprecedented level in history. This latest surge in gold prices has been attributed to growing demand for safe-haven assets amidst escalating trade tensions between the United States and China.
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On the Chicago Mercantile Exchange, April gold futures rose by 0.89%, with the previous record of $2,872 set just over a week ago on February 3. Back on January 31, gold prices had already exceeded $2,850 per troy ounce, signaling a growing trend in precious metal prices.
The spike in gold's value coincides with heightened global uncertainties following the announcement of tariffs by US President Donald Trump.
On February 1, Trump imposed tariffs of up to 25% on Canadian and Mexican goods and 10% on Chinese goods. In retaliation, China introduced tariffs on US coal, liquefied natural gas, oil, agricultural machinery, and cars, further exacerbating the trade conflict.
Beijing also tightened export controls on crucial materials, including tungsten, tellurium, ruthenium, and molybdenum, while blacklisting companies like PVH Corp. (which owns Calvin Klein, Tommy Hilfiger, and Van Heusen brands) and Illumina Inc., a genetic testing provider, as "unreliable" entities. These developments have intensified global economic uncertainties, leading to increased demand for gold as a safe-haven investment.
The prolonged uncertainty surrounding US trade policies, particularly with Mexico and Canada, has fueled concerns over further tariff expansions and trade restrictions. Experts, including Warren Patterson, head of commodity strategy at ING, suggest that this volatility will continue to push gold prices higher. Despite the strengthening of the US dollar, gold remains an attractive hedge against inflation and geopolitical instability.
Record High for Gold in Uzbekistan
In Uzbekistan, gold prices have also reached record levels. As of February 3, the price of one gram of gold stands at UZS 1.2mn ($92). A five-gram gold bar is priced at UZS 5.9mn ($454). Additionally, gold bars weighing 100 grams have been available for sale since January 17, 2025, with a price of UZS 119.8mn ($9,226).
Other popular gold bars include:
- 10-gram bar: UZS 11.9mn ($916)
- 20-gram bar: UZS 23.9mn ($1,841)
- 50-gram bar: UZS 59.9mn ($4,613)
What Are Gold Bars and How Can They Be Used?
Gold bars are refined ingots made of gold with a purity of 999.9, available in various weights such as 5, 10, 20, 50, and 100 grams. These bars come with special protective packaging that serves as a certificate and includes a unique serial number.
Gold bars can be stored securely either at home or in a bank, through individual safe deposit boxes. Their prices can fluctuate several times a week due to market changes. However, they can only be sold to banks, ensuring a secure investment.
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