The price of gold bullion reached a new record high on Tuesday, February 4. This was reported by the Central Bank.
One gram of the precious metal costs 1,214,300 soms. Over the course of a day, this figure increased by 1.4% or 7.2% compared to the beginning of the year.
The price of a 5-gram bar reached 6.071 million soms for the first time, while 100-gram bars that have been available since January are offered at 121.43 million soms. These figures mark a new high for the fifth time since the start of the year.
On the global market, the price of a troy ounce of gold reached $2819 ($90.63 per gram). Experts note that demand for the precious metal is rising amid uncertainty in the global economy due to the risk of a trade war involving the USA, Canada, Mexico, and China.
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 are allowed to export them from Uzbekistan, provided they meet certain conditions.
These measures are aimed at reducing the Uzbek economy's dependence on foreign currency. Additionally, experts believe that access to gold will broaden investment opportunities and help safeguard savings.
Coins and bars can be bought and sold through commercial banks—Spot has published the relevant guidelines. Prices for these are updated daily and are available on the Central Bank's website and in their Telegram bot.
According to the latest data released by the Central Bank, as of September 2023, Uzbekistanis held 255 kg of gold 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 with a total weight of 72 kg. In October 2024, the regulator sold all coins that had been issued up to that point.
Previously, Spot reported on the increase in currency interventions and gold purchases by the Central Bank at the end of 2024.