Gold Bar and Coin Prices Surging Upwards
The price of gold has surged by over 2% in Uzbekistan in just one day, according to a report from April 14th. The Central Bank updated the prices of measured gold bars and commemorative coins, revealing that a 5-gram gold bar would now cost 3,877,000 soums, which is the maximum price since their sale began in 2020. One gram of gold costs 775,360 soums, a price increase of 2.1% since the previous day.
The value of gold has been steadily increasing in recent months. On March 27th, the price per gram surpassed 760,000 soums or 3.8 million soums for a 5-gram bar. However, prices then fell slightly to 3,707,000 soums. The previous price peak was recorded in March 2022 when a 5-gram bar cost 3,755,000 soums. But in the months that followed, the value of gold fell by 16%, reaching a low in early November.
However, with the onset of winter, the value of gold has dramatically increased once again. In the first two days of December, it rose in price by roughly 4.5%. For example, a 5-gram bar on December 2nd cost 3,377,000 soums instead of 3,232,000 soums.
Additionally, commemorative coins have also seen a price increase, with a 15-gram coin now costing 11,743,000 soums. This price surge reflects the international market’s growing demand for gold as an investment, with many viewing it as a reliable hedge against inflation and other economic uncertainties.
