Uzbekistan’s Gold Prices Hit Record High Amid Global Rally

Driven by a global surge in precious metals, Uzbekistan’s gold prices have reached record levels, according to data released by the Central Bank on Wednesday.

One gram of gold is now priced at 1,413,030 UZS - up 2% from the previous day and 1.65% higher than the last record. A 5-gram bar is being offered at 7.065 million UZS, The Caspian Post reports, citing Uzbek media.

Since the beginning of the year, gold prices have surged by 24.5%, and over the past 12 months, they have increased by 41.9%. Global gold prices are also setting new records following a brief correction - the price of a troy ounce has surpassed $3,275 (equivalent to around $105 per gram).

So far this year, gold has become one of the most profitable assets amid the trade policies of U.S. President Donald Trump. The global demand for gold continues to be driven by large-scale purchases by central banks.

Analysts do not rule out further price increases, with forecasts suggesting gold could reach $3,500 per troy ounce this year. Goldman Sachs has raised its year-end forecast to $3,700 and noted that prices could climb even higher in the event of a recession.