On Friday, October 18, the prices of gold bars and commemorative coins reached a new all-time high. This information comes from the Central Bank.
The price of gold is currently assessed at 1,148,740 sums per gram, having increased by 1.2% over the day. The smallest bar, weighing 5 grams, costs 5,744,000 sums.
The previous price record was set three weeks ago after a five-day rally, after which the precious metal experienced a temporary decline. Since the beginning of the year, the price of gold has risen by 35.5%.
Global quotes for the precious metal are also hitting records once again. The price for a troy ounce under the December contract reached $2,710, which corresponds to $87.14 per gram.
Experts note the growing interest in gold as a safe-haven asset amid global uncertainty. According to UBS Group's forecast, market volatility will persist until the conclusion of the elections in the USA and the establishment of a new administration.
The Central Bank began selling gold coins to the public in 2018, and two years later, gold bars were added to the offerings. Individual buyers were allowed to export them from Uzbekistan under certain conditions.
These measures were explained by the desire to reduce the Uzbek economy's dependence on foreign currency. Furthermore, experts state that access to gold will expand investment opportunities and help secure savings.
Coins and bars can be bought and sold through commercial banks, with Spot publishing the relevant instructions. Prices for these are updated daily and published on the Central Bank's website and in the Telegram bot.
According to the latest available data from the Central Bank, as of September 2023, the people of Uzbekistan held 255 kg of minted bars. The most popular were the 10-gram bars.
Earlier, Spot reported that the Central Bank increased its expenditures on gold purchases by another 12% in the third quarter.