Gold bar prices reach record highs for four consecutive days

Since the beginning of the year, gold bar prices in the domestic market have risen by nearly 8%, reaching a new all-time high for the fourth consecutive trading day on Wednesday, February 5, according to the Central Bank.

A five-gram gold bar is now priced at 6.114 million UZS, while the price of one gram of the precious metal has climbed to 1,222,730 UZS—up 0.7% in a single day and nearly 8% since the beginning of the year.

Global gold prices are also setting new records. The price of a troy ounce has reached $2,855, equivalent to $91.82 per gram. Over the past day, the average price has increased by 1.3%, while on a yearly basis, it has soared by 38.5%.

The Central Bank first introduced gold coin sales to the public in 2018, followed by gold bars two years later. Individuals were permitted to take bars out of Uzbekistan, provided they met specific conditions.

These measures were aimed at reducing Uzbekistan's economic reliance on foreign currency. Experts also highlight that greater access to gold enhances investment opportunities and serves as a safeguard for savings.

Gold coins and bars can be bought and sold through commercial banks. Prices are updated daily and can be found on the Central Bank’s website and Telegram bot.

According to the latest data from the Central Bank, as of September 2023, Uzbek citizens held 255 kg of standard gold bullion, with 10-gram bars being the most popular.

Between 2021 and 2023, the Central Bank minted 3,550 commemorative gold coins in five series, with a total weight of 72 kg. In October 2024, the regulator sold out all previously issued coins.

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