Gold hits new peak as central banks ramp up purchases

On March 14, the price of standard gold bullion in Uzbekistan’s banks reached a new record, according to the Central Bank of Uzbekistan.

The price of one gram of gold rose to 1,272,440 UZS, marking a 1.6% increase from the previous day. A 5-gram gold bar is now available for 6.362 million UZS, while the 100-gram bullion, introduced in January, is priced at 127.24 million UZS.

Compared to the last peak recorded on February 20, gold has risen 0.6% in value. Over the past 2.5 months, prices have increased by 12.4%, while the year-on-year growth stands at 41.4%.

On global exchanges, the average price of gold is currently $2,985 per troy ounce ($95.97 per gram). Futures on the precious metal briefly hit the psychological threshold of $3,000 after the U.S. Bureau of Labor Statistics reported a slowdown in producer price inflation, signaling economic cooling.

Since the beginning of the year, gold has emerged as the most profitable asset, driven by the trade policies of newly elected U.S. President Donald Trump and increasing tensions in global trade. Central banks around the world continue to accumulate gold, further fueling demand.

According to Yahoo! Finance, analysts anticipate further price increases due to potential tariff decisions by the White House. Macquarie Group’s Marcus Garvey predicts that prices could temporarily surge to $3,500 per ounce.

The Central Bank of Uzbekistan began selling gold coins to the public in 2018, followed by the introduction of gold bars in 2020. Individuals are allowed to take gold bars out of Uzbekistan under specific conditions.

These initiatives aim to reduce Uzbekistan’s dependence on foreign currency and, according to experts, expand investment opportunities while providing a secure store of value.

Gold coins and bullion can be bought and sold through commercial banks, with daily updated prices available on the Central Bank’s website and Telegram bot.

As of September 2023, Uzbek citizens held 255 kg of standard gold bars, with the 10-gram bullion being the most popular.

Between 2021 and 2023, the Central Bank minted 3,550 commemorative gold coins in five different series, totaling 72 kg of gold. In October 2024, the regulator sold out all available coins at that time.