Gold prices surge to all-time highs in Uzbekistan amid global market trends

On Monday, February 17, the price of standard gold bullion in Uzbekistan reached a new record high, according to the Central Bank.

The price of one gram of the precious metal was set at 1,257,970 UZS, reflecting a 0.24% increase from Friday's rate. A 5-gram gold bar is now priced at 6.29 million UZS.

In less than two months since the start of the year, gold prices have hit record levels for the 10th time, marking an overall increase of 10.7% during this period. Compared to the same time last year, gold prices have surged by nearly 52%.

Globally, the market is seeing a slight correction after reaching a peak late last week. Currently, an ounce of gold is trading at approximately $2,900 ($93.29 per gram).

The Central Bank of Uzbekistan began selling gold coins to the public in 2018, followed by bullion in 2020. Individual buyers are allowed to take these gold products out of Uzbekistan, provided specific conditions are met.

These measures were introduced to reduce the Uzbek economy's reliance on foreign currencies. Experts suggest that increasing access to gold can enhance investment opportunities and provide a safe haven for savings.

Both coins and bullion can be purchased and sold through commercial banks, with daily price updates available on the Central Bank's website and Telegram bot.

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