The price of gold bars in Uzbekistan set a new record on March 17, according to the Central Bank. The price of a gram of gold reached UZS 1.3mn ($100), marking a 1% increase since March 14. Since the beginning of the year, gold has risen by 13.5%, while its value has surged by 42.6% over the past 12 months.
A five-gram gold bar is now priced at UZS 6.426mn ($495), while a 100-gram bar, introduced in January, costs UZS 128.528mn ($9,909). Meanwhile, global gold prices have entered a minor correction phase, with a troy ounce trading at $2,984 ($95.94 per gram).
Gold has emerged as the most profitable asset since the start of the year, driven by shifting U.S. trade policies under President Donald Trump and escalating global trade tensions. The demand for gold remains strong, as central banks worldwide continue to increase their reserves.
The Central Bank has played a key role in shaping Uzbekistan’s gold market, introducing gold coins in 2018 and bullion bars in 2020. These efforts aim to reduce reliance on foreign currencies while providing a stable investment option for citizens.
Gold coins and bars are available for purchase through commercial banks, with prices updated daily. Buyers can also take their gold abroad if they meet regulatory conditions.
Uzbekistan became the world’s largest gold buyer in January 2025, acquiring 8 tonnes. In November 2024, it ranked second globally, purchasing 9 tonnes—the first increase in reserves since July. By the end of that month, the country’s total gold reserves reached 382 tonnes, with 11 tonnes bought throughout the year.
In February, the Central Bank’s gold holdings decreased slightly, with the total value dropping by $201.9mn to $34.86bn. The physical reserves also declined from 391.9 tonnes to 379.45 tonnes due to gold exports amid strong global prices.
Gold bars, refined to a purity of 999.9, are available in weights from 5 to 100 grams. Each bar is securely packaged with a unique serial number serving as a certificate. Investors can store them at home or in bank safe deposit boxes. While their prices fluctuate frequently, resale is only permitted through banks, ensuring a secure investment.
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