Uzbekistan sees record demand for gold bars and coins amid price surge

The price of gold surged by 0.9% in a single day, with a year-to-date increase of nearly one-third.

On Tuesday, September 24, the Central Bank of Uzbekistan reported that the price of gold bars and commemorative coins had reached a new all-time high. The price per gram of gold now stands at 1,119,420 UZS, reflecting a 0.9% increase within a day. A five-gram gold bar is currently priced at 5,597,000 UZS.

Since the beginning of September, the price of gold has hit new records five times. Over the past nine months, the price has surged by 32%, and over the last year, it has increased by almost 43%.

Gold prices are also rising in international markets, with a troy ounce currently valued at $2,635, which equates to $84.73 per gram.

The Central Bank began selling gold coins to the public in 2018, followed by the introduction of gold bars two years later. Individuals are permitted to export these bars from Uzbekistan under certain conditions.

These initiatives aim to reduce Uzbekistan’s economic dependence on foreign currencies. Experts believe that providing access to gold will expand investment opportunities and help safeguard savings.

Gold coins and bars are available for purchase and sale through commercial banks. Prices are updated daily and published on the Central Bank’s website and Telegram bot.

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