TASHKENT - The market for gold bars in Uzbekistan has demonstrated steady growth since 2020, but the main surge in demand is expected in 2024–2025, according to a survey by the Central Bank of Uzbekistan, Gazeta.uz reports.
According to the regulator, from November 2020 to the end of 2025, banks sold 65,150 bars, weighing a total of 1.2 tons, to the public. Moreover, the sales infrastructure expanded significantly: the number of participating banks increased from 12 to 19, and the number of service outlets increased from 34 to 170.
More than 60% of all sales were 5- and 10-gram bars, indicating a preference among the public for affordable investment instruments. A similar structure is observed in gold buybacks: of the 11,828 bars (201 kg) purchased by banks from individuals, approximately 65% were also small denominations. Overall, 83.4% of the precious metal remains in the hands of buyers.
A key increase in demand has been recorded over the past two years. While the average annual sales volume previously stood at approximately 81 kg, in 2024 this figure nearly tripled to 236 kg. In 2025, demand reached 661 kg, eight times higher than the average of previous years.
Experts attribute the sharp increase in interest in gold to rising precious metal prices on global markets and the desire of the population to diversify savings amid economic uncertainty.
The Central Bank notes that the development of the gold bullion market promotes financial literacy among the population and expands long-term investment instruments. The regulator plans to further improve the regulatory framework and expand the geography of sales.
CentralasanLIGHT.org
April 7, 2026