Gold Surpasses Six Mln Soum Mark

The price of a five-gram gold bar has, for the first time, exceeded six mln soums, according to data from the Central Bank of Uzbekistan.

On February 4, the bank set the sale price for such a bar at 6.07 mln soums. The price for a ten-gram bar rose to 12.14 mln soums, while a twenty-gram bar increased to 24.29 mln soums.

The cost of a fifty-gram bar now stands at 62.72 mln soums, and the price for one-hundred-gram bullion has reached 121.43 mln soums.

In global markets, the price of a troy ounce of gold is currently trading at $2,850. Since the beginning of this year, its value has risen by 7.7%.

Analysts attribute the rise in precious metal prices primarily to former U.S. President Donald Trump’s tariff policy. He implemented high duties on imports from Mexico, Canada and China but later decided to postpone the introduction of these duties for goods from Mexico and Canada.

Kursiv Uzbekistan also reports on how the cryptocurrency market reacted to the introduction of these tariffs.