Gold Breaks February Record

The price of a five-gram gold bar set a new record on February 20, rising above UZS 6.36 mln, according to data from the Central Bank of Uzbekistan.

On the previous day, gold futures surpassed $3,000 per troy ounce for the first time in history. Demand for the safe-haven asset continues to grow amid tighter trade restrictions, declining US stock indices, and increasing recession risks in the United States.

The price of a 10-gram gold bar issued by Uzbekistan’s central bank has climbed to UZS 12.72 mln, while 20-gram bars now cost UZS 25.45 mln. The price of 50-gram and 100-gram bars has exceeded UZS 63.62 mln and UZS 127.24 mln, respectively.

According to analysts at Australia’s Macquarie Group, gold is expected to reach $3,500 per troy ounce by Q3 2025. Investors are increasingly turning to the precious metal as a hedge against inflation and credit risks.

Geopolitical tensions are providing additional support for gold prices. Trade policies under US President Donald Trump’s administration pose risks to relations with the European Union, while the prospects for a swift resolution to the conflict in Ukraine remain uncertain.