For the first time since the end of October 2024, the price of a five-gram gold bar has risen above 5.8 mln soums, according to the Central Bank of Uzbekistan.
In response to the increasing global gold prices, the bank has adjusted the prices as follows: five-gram gold bars are now priced at 5.83 mln soums, ten-gram bars at 11.66 mln soums, 20-gram bars at 23.32 mln soums, and 50-gram bars at 58.3 mln soums.
Additionally, 100-gram gold bars are being sold at 116.6 million soums.
The Central Bank of Uzbekistan had previously set a record for gold prices on October 31, 2024, when the cost of a five-gram bar reached 5.89 million soums.
Following the election of Donald Trump as U.S. president, prices for precious metals declined. However, since mid-December, there has been a renewed interest from investors in gold as a protective asset. This increase in gold prices is attributed to more cautious statements from the U.S. Federal Reserve, rising inflation expectations, and volatility in the U.S. stock market.
Investors are also worried about the U.S. President-elect’s promises to impose high tariffs on imports and significantly tighten migration laws. These potential reforms from the new presidential administration may drive up gold prices and enhance interest in gold, treasury bonds, and other safe-haven assets.
Kursiv Uzbekistan also reports that 100-gram gold bars from the Central Bank of Uzbekistan are now available for purchase.
