Gold prices hit record highs in Uzbekistan as 5-gram bars top 6.4 million UZS

The price of gold has increased by 1% in a single trading day and by more than 42% over the past year.

On Monday, March 17, the cost of standardized gold bars set a new record, according to the Central Bank of Uzbekistan.

The price per gram of gold reached 1,285,280 UZS, rising 1% since Friday. Since the beginning of the year, gold has appreciated by 13.5%, while over the past 12 months, its price has surged by 42.6%.

A 5-gram gold bar is now offered at 6.426 million UZS, while the 100-gram bar, introduced in January, is priced at 128.528 million UZS. Meanwhile, global gold prices have entered a slight correction phase, with a troy ounce trading at $2,984 ($95.94 per gram).

Since the start of the year, gold has been the most profitable asset, driven by the trade policies of newly elected U.S. President Donald Trump and rising global trade tensions. The demand for gold remains strong, supported by continued purchases from central banks worldwide.

According to Yahoo! Finance, analysts expect further price growth, considering White House tariff policies. For instance, Marcus Garvey from Macquarie Group predicts that gold prices could temporarily reach $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 two years later. Private buyers are allowed to export these bars from Uzbekistan, provided they meet certain conditions.

Authorities justified these measures as an effort to reduce Uzbekistan’s dependence on foreign currencies. Experts also believe that increasing access to gold will expand investment opportunities and help safeguard personal savings.

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