GOLD NEWS

Gold prices in Uzbekistan see 0.6% uptick, hitting new record

Tue Aug 20 2024

Gold prices in Uzbekistan have reached new highs for the second day in a row, as reported by the Central Bank. On August 20, the price of a gram of gold rose to UZS 1,058,120 (nearly $84), marking a 0.6% increase from the previous day. Consequently, a 5-gram gold bar is now priced at UZS 5,291,000 (nearly $420). This recent rise follows a trend that saw the price of gold exceed UZS 5.25mn ($416.4) per 5 grams the previous day, the third record high since the start of August. The cumulative increase in gold prices since the beginning of the year stands at 24.8%.

The Central Bank of Uzbekistan introduced gold coins to the public in 2018, followed by gold bars in 2020. These initiatives were designed to reduce the economy's reliance on foreign currency and provide new investment opportunities for individuals, contributing to the security of personal savings. Since these measures were implemented, interest in gold has grown among the Uzbek population.

As of September 2023, data from the Central Bank indicates that 255 kilograms of bullion bars have been purchased by Uzbek citizens, with 10-gram ingots being particularly popular. 

Source: https://daryo.uz