Gold prices soar to new heights: Bars and coins break records again

Over the past year, precious metals on the local market have risen by more than a third.

On Wednesday, September 11, the prices for gold bars and commemorative coins hit new highs, according to the Central Bank.

The price of one gram of gold reached 1,062,760 UZS, up 1.1% from the previous day. A five-gram gold bar is now offered for 5,314,000 UZS.

In the last month alone, gold prices reached record levels five times. Since the beginning of the year, gold has become 25% more expensive, and over the past 12 months, it has increased by 35.8%.

Globally, prices remain close to peak levels. On the spot market, a troy ounce is trading at $2,518, equivalent to $81 per gram.

The Central Bank began selling gold coins to the public in 2018, and two years later, gold bars were introduced. Physical buyers are allowed to export them from Uzbekistan, subject to certain conditions.

These measures were explained as an effort to reduce Uzbekistan's economic reliance on foreign currency. Additionally, experts suggest that access to gold expands investment opportunities and helps safeguard savings.

Gold bars and coins can be bought and sold through commercial banks, with prices updated daily and published on the Central Bank's website and Telegram bot.

As of September 2023, according to the Central Bank, Uzbeks have purchased 255 kg of gold bars, with 10-gram bars being the most popular.

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