In Uzbekistan, on September 23, the price of gold ingots and commemorative coins reached a new high level. This was reported by the Central Bank announced.
The price of one gram of gold amounted to 1,108,980 UZS and increased by 21.5 percent compared to the price on September 20. Five grams of gold ingots are now offered for 5 million 545 thousand UZS.
Since the beginning of September, the retail price of precious metal on the local market has updated its maximum value for the fourth time. In less than nine months, it hasgrown by 30.8 percent.
According to the data of the Central Bank according to the information, on September 1, Uzbekistan's gold and foreign exchange reserves reached 39.15 billion dollars.
What are gold ingots and how can they be used?
Gold ingots — are ingots made from gold of 999.9 purity, weighing 5, 10, 20, and 50 grams. They are presented for sale in special protective packaging. The packaging of gold ingots serves as a certificate and has its own serial number.
Gold ingots are sold in protected packaging and can be safely stored at home or in a bank — by renting individual bank safes. Their price can change several times within a week. Gold ingots can only be sold to banks.
Is investing in gold reliable?
Like other metals, gold does not depreciate to zero during hyperinflation and periods of global disorder in financial markets. In this sense, it is indeed more reliable compared to stocks and currencies.
However, on the other hand, the price of gold is very volatile. There is no guarantee that such an investment will be profitable for those who decide to invest short-term. Therefore, investing in precious metals is usually recommended as a long-term investment (10-20 years). In the long run, their value often exceeds inflation.
