On Friday, January 17, the prices for gold bars saw a significant increase. This information was reported by the press service of the Central Bank.
The price for one gram of the precious metal is now 1,166,030 sums, which is 1% higher than the previous day. A 5-gram bar is offered for 5.83 million sums, while the newly available 100-gram bar is priced at 116.6 million sums.
The current price has reached its highest point since early November, when a 5-gram bar was valued at 5.879 million sums. Shortly after, there was a sharp drop in prices, with rates falling below 5.5 million sums at one point (equivalent to 1.1 million sums per gram).
Global gold prices are also gradually recovering after a decline in December. Currently, a troy ounce on the global market is priced at $2,715 ($87.3 per gram), which is 2.5% higher than a month ago.
The Central Bank began selling gold coins to the public in 2018, and two years later, gold bars were added to the offerings. Individual buyers were permitted to export these from Uzbekistan, subject to certain conditions.
These measures were explained by the desire to reduce the Uzbek economy's dependence on foreign currency. Additionally, experts state that access to gold will expand investment opportunities and help safeguard savings.
Coins and bars can be bought and sold through commercial banks—Spot has published the relevant instructions. Prices are updated daily and are published on the Central Bank's website and in their Telegram bot.
According to the latest published data from the Central Bank, as of September 2023, Uzbekistanis held 255 kg of standard bars. The most popular were the 10-gram bars.
From 2021 to 2023, the Central Bank minted 3,550 gold commemorative coins in five series, totaling 72 kg. In October 2024, the regulator sold all the coins that had been issued by that time.
Previously, Spot reported on how Uzbekistan's gold and foreign exchange reserves changed as a result of last year's outcomes.