Gold bar prices hit new record highs in Uzbekistan

Since the beginning of the year, gold prices have increased by more than 30%.

Photo: Evgeny Sorochin / Spot

On Monday, September 23, the prices of gold bars and commemorative coins reached a new record high, according to the Central Bank.

Currently, one gram of gold costs 1,108,980 UZS, which is 1.5% higher than the previous Friday. A 5-gram gold bar is priced at 5,545,000 UZS.

Since the beginning of September, the retail price of gold in the local market has reached a new maximum for the fourth time. Over the past nine months, it has increased by 30.8%.

Global gold prices are once again hitting records. At the time of publication, the spot price for a troy ounce approached $2,630 ($84.56 per gram).

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

These measures aim to reduce the Uzbek economy's dependence on foreign currency. Additionally, experts believe that access to gold will expand investment opportunities and help secure savings.

Coins and bars can be bought and sold through commercial banks. Prices are updated daily and published on the Central Bank's website and in a Telegram bot.

According to data from the Central Bank for September 2023, Uzbeks have purchased 255 kg of gold bars, with the most popular being the 10-gram bars.

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