As of February 2, the Central Bank of the Republic of Uzbekistan shows that gold bar prices have dropped sharply: the 5-gram bar has fallen to 9,867,000 soums.
The updated list of prices on the Central Bank’s page is as follows:
- 5 grams — 9,867,000 soums
- 10 grams — 19,735,000 soums
- 20 grams — 39,469,000 soums
- 50 grams — 98,674,000 soums
- 100 grams — 197,347,000 soums
At the same time, 1 gram of gold is valued at 1,973,400 soums.
Why did it fall like this?
External market influence is also strong here. It is reported that gold and silver prices fell sharply on the global market, and in this process the factor was expectations of a “tighter monetary policy” and a stronger dollar after Donald Trump put forward Kevin Warsh as a candidate to lead the U.S. Federal Reserve System. In addition, CME Group’s increase in margin requirements also boosted forced selling in trading.
In short, over the “weekend” gold went into a bit of a “shock” mode. For some, this is a chance to buy cheaper; for others, it is a signal of how quickly the market can change.
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