The prices of gold bullion have been decreasing for five consecutive working days, as reported by the Central Bank.
On Friday, October 15, one gram of gold cost 1,088,900 sums, which is 1.1% lower than the previous day. A 5-gram bar is valued at 5.444 million sums—this is the lowest since September 20.
The precious metal has been continuously declining since November 11, when the price of a 5-gram bar was 5.695 million sums. However, the very next day, it dropped by 2.1% to 5.573 million sums.
On October 31, gold prices reached their highest point at 5.893 million sums for five grams. After that, the price began to fall, and on November 7, it plummeted by 181,000 sums or 3.1%.
Global prices are also declining following a record rally that lasted several weeks. According to Goldprice.org, the average price for a troy ounce is currently $2,567 ($82.5 per gram)—this reflects mid-September levels.
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 permitted to export them from Uzbekistan under certain conditions.
These measures were explained as an effort to reduce the Uzbek economy's dependence on foreign currency. Additionally, experts suggest that access to gold will expand investment opportunities and help safeguard savings.
Coins and bars can be bought and sold through commercial banks—Spot has published relevant instructions. Prices are updated daily and published on the Central Bank's website and in their Telegram bot.
According to the latest published data from the Central Bank, as of September 2023, Uzbekistanis held 255 kg of gold bullion. The most popular were the 10-gram bars.
From 2021 to 2023, the Central Bank minted 3,550 gold commemorative coins in five series, totaling 72 kg. By mid-September of last year, 83% of these had been sold out.
Earlier, Spot reported that in October, Uzbekistan's gold and currency reserves grew to a record $43 billion.