The price of standard gold bars reached a new record high on Friday, January 31, as reported by the Central Bank.
One gram of gold is priced at 1,196,980 sums—this is 0.95% higher than the previous day and up by 5.7% compared to the beginning of the year. A 5-gram bar is sold for 5,985,000 sums, while a 100-gram bar is priced at 119,698,000 sums.
On the global market, the quotes for the precious metal are also hitting peak values. A troy ounce is offered at $2,795—this is equivalent to $89.88 per gram.
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 these from Uzbekistan, provided they meet certain conditions.
These measures were explained by the desire to reduce the Uzbek economy's dependence on foreign currency. Additionally, experts believe 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 for them are updated daily and published on the Central Bank's website and in the 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 across five series, totaling 72 kg. In October 2024, the regulator sold all coins that had been issued up to that point.
Earlier, Spot reported that the Central Bank increased its currency interventions and the volume of gold purchases.