Why is this important
The gold bar market in Uzbekistan is rapidly becoming one of the key savings instruments for the population. The growth in sales and expansion of infrastructure indicate that gold is beginning to compete with bank deposits as a way to preserve capital. The introduction of digital tools and smaller denominations lowers the entry barrier and makes investments more accessible. This strengthens the domestic precious metals market and expands financial opportunities for the population.
What happened
- The Central Bank published a review of the gold bar market following the results of 2025.
- The report highlights increased demand for gold bars, expanded sales channels, and the introduction of new tools, including digital purchases via mobile applications.
- It is noted that gold is increasingly being used by the population as a means of saving and diversifying funds.
Numbers and facts
- From November 2020 to December 2025, a total of 65,150 gold bars weighing 1.2 tons were sold through banks.
- The number of banks offering this instrument increased from 12 to 19, while the number of sales points grew from 34 to 170.
- In 2025, 33,939 bars with a total weight of 661 kg were sold, exceeding the combined sales for 2020–2024 (558 kg).
- Sales amounted to 236 kg in 2024, 109 kg in 2023, 87 kg in 2022, 84 kg in 2021, and 43 kg in 2020.
- Between 2020 and 2025, banks repurchased 11,828 bars from the population with a total weight of 201 kg.
- More than 60% of sales accounted for 5-gram and 10-gram bars, with shares of 31% and 30%, respectively.
- In 2025, 100-gram bars were introduced, currently accounting for about 3% of total sales.
- The return on gold bars increased from −10.2% in 2020 to 54.5% in 2025, surpassing deposit rates.
- Average deposit rates stood at about 19% in the national currency and around 4–5% in US dollars in 2025.
- In 2025, 169.74 kg of gold worth 311.7 billion soums was accumulated through electronic metal accounts.
- Starting from 2025, it became possible to purchase gold from as little as 0.1 grams via digital accounts.
Context
- For the population, gold is becoming a more accessible savings instrument due to smaller denominations and digital services.
- Banks are compelled to develop infrastructure and products as demand for such assets continues to grow.
- For the market, this signals a strengthening of gold’s role as an alternative to deposits, especially amid high returns in recent years.
- For the state, such instruments help stimulate the development of the domestic investment market and diversify savings.
