Gold Exceeds UZS 5.9 Mn For First Time

For the first time since late October last year, the price of gold bars in Uzbekistan has reached record highs. On January 23, the price of a five-gram gold bar rose to UZS 5.91 mn, according to the Central Bank.

As of that date, the regulator was selling a ten-gram bar for UZS 11.83 mn, a twenty-gram bar for UZS 23.66 mn, a fifty-gram bar for UZS 59.16 mn, and the largest 100-gram bar for UZS 118.32 mn.

The growing interest in gold is attributed to heightened inflationary risks in the United States and signals of tighter monetary policy from the Federal Reserve (Fed).

Additionally, investors are concerned about the potential negative effects of decisions by US President Donald Trump, including stricter immigration policies and increased import tariffs, which could drive inflation higher.

Gold has also been supported by robust demand from major central banks and private investors in China.

However, analysts remain cautious about gold’s outlook. Many believe that, in the medium term, prices for the precious metal will stabilise near $2,600 per troy ounce without significant further growth.