The price of gold bullion reached a new record high on Monday, February 17. This was reported by the Central Bank.
The price per gram of the precious metal was 1,257,970 sums, which is 0.24% higher than on Friday. A 5-gram bar is sold for 6.29 million sums.
In less than two months since the beginning of the year, the maximum price has been updated for the tenth time, with an overall increase of 10.7% during this period. Compared to last year, gold has risen in price by almost 52%.
The global market is experiencing a price correction following a peak reached at the end of the previous week. Currently, a troy ounce of the precious metal is trading at around $2900 ($93.29 per gram).
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, subject to certain conditions.
These measures were explained by the desire to reduce the Uzbek economy's dependence on foreign currency. Additionally, experts state that access to gold will expand investment opportunities and help safeguard savings.
Coins and bars can be bought and sold through commercial banks—Spot published relevant instructions. Prices are updated daily and are available on the Central Bank's website and in the Telegram bot.
According to the latest data published by the Central Bank, as of September 2023, Uzbeks held 255 kg of gold bars. The most popular were the 10-gram bars.
From 2021 to 2023, the Central Bank minted 3,550 gold commemorative coins in five series, with a total weight of 72 kg. In October 2024, the regulator sold all the coins that had been issued up to that point.
Earlier, Spot reported that in 2024, the Central Bank conducted currency interventions totaling $7.6 billion.