Uzbekistan Gold Price Surges to Record High for Second Time This Week

The price of a five-gram gold bar has risen to over 6.27 mln soums, according to data from the Central Bank of Uzbekistan.

This increase follows a previous record set on Tuesday, February 11, when a similar bar was priced at 6.23 mln soums. As of February 14, the price for ten-gram ingots reached 12.55 mln soums, while twenty-gram ingots hit 25.1 mln soums. The prices for 50-gram and 100-gram bars have also risen, reaching 62.74 mln and 125.49 mln soums, respectively.

Over the past year, since February 2024, the country’s gold price has surged by 50%. The rising prices of gold bars in Uzbekistan align with global trends. By the end of the week, the cost of a troy ounce on international markets had climbed to $2,960, though it has not yet surpassed the historical peak reached on February 11.

The increase in gold prices is attributed to significant purchases by global central banks, concerns about potential inflation in the United States, and the U.S. government’s tariff policies. Recent data showing U.S. consumer price growth has also supported gold quotes.

On February 13, U.S. President Donald Trump instructed his administration to formulate a plan to impose tariffs on goods from China, Japan, South Korea, and the European Union.

Kursiv Uzbekistan also reports on how trade wars and rising global inflation might impact currency exchange rates in Uzbekistan.