Rising demand pushes Uzbekistan’s gold prices higher ahead of U.S. election

Gold prices are rising, with a five-gram bar now priced at nearly 5.87 mln soum, according to the Central Bank of Uzbekistan.

The value of Central Bank gold bars and coins is climbing alongside global price trends. By morning trading on October 30, a troy ounce had reached almost $2,800.

The Central Bank priced ten-gram bars at 11.73 mln soum, twenty-gram bars at 23.47 mln soum, and fifty-gram bars at 58.67 mln soum.

Upcoming U.S. presidential elections intensified demand for precious metals. American media reports that the candidates have almost equal chances, creating uncertainty and prompting investors to seek safe assets.

Labour market trends are also boosting gold’s appeal. A cooling job market could support further rate cuts by the Federal Reserve (Fed), making precious metals an attractive investment.

Rising tensions between Iran and Israel, marked by recent missile strikes, add to the upward pressure on gold prices.