Gold prices hit record in Uzbekistan
Gold prices hit record in Uzbekistan
The prices of gold bars and coins reached a new high on Monday, the Central Bank reports. One gram of gold now costs over 1,150,000 soums, which is 0.1% higher than the previous maximum set on Friday. A five-gram bar is priced at 5.75 million soums.
Gold prices have been rising for seven consecutive trading days after a decline in late September, increasing by 35.6% since the start of the year. In the world market, gold is also setting records, with a troy ounce now valued at $2,730, equal to $87.78 per gram.
The Central Bank began selling gold coins to the public in 2018, followed by gold bars in 2020. Buyers are allowed to take these items out of Uzbekistan under certain conditions.
These measures aim to reduce the Uzbek economy's dependence on foreign currency. Experts believe that increasing access to gold will expand investment opportunities and help secure savings.
Coins and bars can be bought and sold through commercial banks. Prices are updated daily and published on the Central Bank's website and a Telegram bot.
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