Domestic gold prices hit new record amid global surge

In less than three weeks, the price of gold has risen by 4.5% on the domestic market, reaching a new record on Thursday, January 23, according to the Central Bank of Uzbekistan.

A 5-gram bar is now priced at 5.916 million UZS, while the price per gram of gold has reached 1,183,230 UZS, marking a 0.6% increase compared to the previous day. Since the beginning of the year, gold prices have surged by 4.5%.

Last week, the Central Bank introduced 100-gram bars for sale, emphasizing that this move is intended to expand investment opportunities for the population.

On the global market, gold prices are also on the rise. A troy ounce is trading at approximately $2,750 (equivalent to $88.48 per gram), and at its peak over the past 24 hours, it nearly reached $2,760.

The Central Bank began selling gold coins to the public in 2018, and gold bars were added to the offerings two years later. Private buyers were also permitted to export gold bars from Uzbekistan under certain conditions.

These initiatives aim to reduce Uzbekistan’s economic dependence on foreign currency. Additionally, experts suggest that greater access to gold increases investment opportunities and helps individuals protect their savings.