The Central Bank of Uzbekistan made headlines by establishing new record prices on April 17, for gold bullion bars and commemorative coins.
As of today, the price of one gram of gold stands at a staggering UZS 1,002,460 ($79.11), marking a daily increase of 0.8%. For those seeking larger quantities, a five-gram bar is available for purchase at UZS 5,012,000 ($396). Since the beginning of the year, the price of gold has skyrocketed by an impressive 18.2%.
The surge in gold prices in 2024 can be attributed to heightened demand fueled by geopolitical uncertainties, particularly in regions such as the Middle East and Ukraine. The current world price of gold is hovering around $2,380 per troy ounce, with a recent record high of $2,420 just a few days ago.
In 2018, the Central Bank of Uzbekistan initiated a program to sell commemorative gold coins and bars to the public, which was later expanded in 2020. The aim was to reduce reliance on foreign currency and diversify the country's economic foundation. Individuals are allowed to export these assets from Uzbekistan under specific conditions, with transactions facilitated by commercial banks using daily prices set by the Central Bank, influenced by global gold prices.
Since 2020, Uzbek citizens have purchased a total of 255 kilograms of measured ingots, with the most favored option among investors being the 10-gram bars.
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