Five-Gram Bullion Prices Approach 6 Mln Soums

On January 31, the price of a five-gram gold bar reached a new maximum of 5.98 mln soums, according to data from the regulator. This record price lasted for eight days.

Current prices for gold bars are as follows: a ten-gram bar costs 11.97 mln soums, a twenty-gram bar is priced at 23.94 mln soums, a fifty-gram bar is 59.85 mln soums and a one-hundred-gram bar costs 119.7 mln soums.

The rising prices of precious metals in the country are following global trends. The cost of a troy ounce of gold on international markets recently hit a record $2,859, coinciding with the release of inflation data from the United States.

Demand for gold is increasing due to the potential introduction of high tariffs on imports from Mexico, Canada and China into the United States. Reports indicate that U.S. President Donald Trump may sign an executive order imposing these tariffs in the coming days.

A decline in U.S. Treasury bond yields and a correction of the dollar’s value also support gold prices. Analysts point to longer-term factors for the rising price of gold, such as decreasing rates set by global central banks and record payments on sovereign debts.

Kursiv Uzbekistan also reports that Uzbekistan exported gold valued at $7.2 bn last year.