Fiona Nanna, ForeMedia News

4 minutes read. Updated 3:50AM GMT Wed, 11 September, 2024

In a striking development for the precious metals market, gold prices have surged to unprecedented levels over the past year, marking significant new highs for gold bars and commemorative coins. As reported by the Central Bank of Uzbekistan, the price of one gram of gold has reached an astonishing 1,062,760 UZS, reflecting a 1.1% increase from the previous day. For those interested in larger investments, a five-gram gold bar is now priced at 5,314,000 UZS.

In the past month alone, gold prices have set record highs on five separate occasions. Since the beginning of 2024, the cost of gold has surged by 25%, and over the past 12 months, it has escalated by an impressive 35.8%. This surge aligns with global trends, where the spot market price for a troy ounce of gold hovers around $2,518, equivalent to approximately $81 per gram.

The Central Bank of Uzbekistan, which began selling gold coins to the public in 2018, expanded its offerings by introducing gold bars two years later. This strategic move aims to reduce the country’s reliance on foreign currency and offers a hedge against economic fluctuations. Experts believe that these measures not only enhance investment opportunities but also provide a means to safeguard personal savings.

For those looking to invest, gold bars and coins are available through commercial banks, with prices updated daily and accessible via the Central Bank’s website and Telegram bot. As of September 2023, Uzbeks have acquired 255 kg of gold bars, with the 10-gram bars emerging as the most sought-after option.

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