Gold prices hit new September highs

Gold prices set a new record on September 27, with the cost of a five-gram bar rising to 5.74 mln soums, the Central Bank of Uzbekistan reports.

After a slight correction in early October, the prices for the precious metal resumed their upward trend. The Central Bank of Uzbekistan’s bars and coins increased in price alongside rising global gold futures. On October 17, the price of an ounce surpassed $2,710 for the first time.

Analysts link the acceleration in gold prices to the recent release of unemployment and retail sales reports in the United States. Both indicators exceeded forecasts, raising expectations for further interest rate cuts by the Federal Reserve. Additionally, the European Central Bank (ECB) recently lowered its key rates on deposits, refinancing operations, and margin loans.

In periods of loose monetary policy, investors find gold more attractive.