Uzbekistan Adjusts Gold Bullion Prices Down Due to Market Fluctuations

The Central Bank of Uzbekistan has announced a decrease in the prices of gold bullion bars and commemorative coins for April 29, following a surge in gold prices on April 17. The new prices reflect a decline in the value of gold, with a five-gram bullion bar now priced at $387, down from $396 on April 17.

Uzbekistan Lowers Gold Bullion Prices Amidst Market Fluctuations

Tashkent, April 29, 2024 - The Central Bank of Uzbekistan has announced revised pricing for gold bullion bars and commemorative coins, reflecting a reduction in value in response to recent market dynamics.

The updated pricing, effective April 29, 2024, indicates a decline in both bullion bar and commemorative coin prices compared to previous levels. The adjustments are attributed to fluctuations in global gold prices observed on April 17, 2024.

Bullion Bar Prices

Bullion bars, available in various weights, now have revised prices as follows:

• 5-gram bar: UZS 4.9 million ($387)
• 10-gram bar: UZS 9.8 million ($774)
• 20-gram bar: UZS 19.7 million ($1,565)
• 50-gram bar: UZS 49.2 million ($3,888)

Commemorative Coin Prices

Commemorative coins also exhibit price variations based on weight:

• 15-gram coin: UZS 14.9 million ($1,177)
• 20-gram coin: UZS 19.9 million ($1,572)
• 31.1-gram coin: UZS 30.9 million ($2,442)
• 31.1-gram coin (alternate design): UZS 698,000 ($55)

The price differential for the 31.1-gram commemorative coins suggests potential differences in design, rarity, or other factors that influence their value.

Market Context

On April 17, 2024, the price of gold stood at UZS 1 million ($79.11) per gram, marking a daily decrease of 0.8%. A 5-gram bar was priced at UZS 5 million ($396).

In the first quarter of 2024, gold sales accounted for 41.7% of Uzbekistan's total exports. During this period, the value of gold exports increased by 10.5% to $2.7 billion, compared to $2.4 billion in the same period the previous year. Notably, gold exports reached $1.2 billion in January 2023 but recorded no sales in January 2024. February saw gold exports amounting to approximately $1.3 billion.

Citizen Participation

Since 2020, Uzbekistani citizens have collectively purchased a total of 255 kilograms of measured ingots, with the 10-gram bar being the preferred choice among investors.

The Central Bank of Uzbekistan's revised gold pricing reflects the dynamic nature of the gold market and its responsiveness to global price fluctuations. The updated prices provide investors and collectors with updated benchmarks for their precious metal purchases.