Uzbekistan slashes gold bullion prices: five-gram bar now $387
Fri April 26 2024
The Central Bank of Uzbekistan has revealed pricing for gold bullion bars and commemorative coins for April 29, signaling a decline in response to the surge in gold prices observed on April 17. The latest data from the Central Bank indicates that both commemorative coins and bullion bars are now available at reduced prices compared to previous figures.
The selling prices for bullion bars and commemorative coins, as disclosed by the Central Bank of Uzbekistan, now reflect a decrease in gold value. For bullion bars, the prices vary based on weight. A five-gram bullion bar is now priced at UZS 4.9mn ($387), whereas a 10-gram bar is available at UZS 9.8mn ($774). Prices continue to increase with weight, with a 20-gram bullion bar now costing UZS 19.7mn ($1,565), and a 50-gram bar priced at UZS 49.2mn ($3,888).
Conversely, commemorative coins also exhibit varying prices depending on weight. A 15-gram commemorative coin is now priced at UZS 14.9mn ($1,177), and a 20-gram coin is listed at UZS 19.9mn ($1,572).
The price has decreased for a 31.1-gram commemorative coin, now priced at UZS 30.9mn ($2,442). Another 31.1-gram commemorative coin is listed at a substantially lower price of UZS 698,000 ($55), indicating potential differences in design, rarity, or other factors influencing its value.
On April 17, the price of one gram of gold stood at UZS 1mn ($79.11), representing a daily decrease of 0.8%. A five-gram bar was priced at UZS 5mn ($396). In addition, in the first quarter of 2024, gold sales made up 41.7% of Uzbekistan's overall exports. During this period, the value of gold exports rose by 10.5% to $2.7bn compared to $2.4bn in the same period last year. Specifically, in January 2023, gold exports amounted to $1.2bn. However, there were no gold sales recorded in January 2024. In February, gold exports reached around $1.3bn.
Since 2020, citizens of Uzbekistan have collectively purchased a total of 255 kilograms of measured ingots, with the 10-gram bars being the most preferred option among investors.
Source: https://daryo.uz/