Uzbek banks sold 661 kg (0.661 tonnes) of gold bars in 2025, recording an eightfold increase on earlier annual averages and an outcome that was 18.4% (or 103 kg) higher than the combined total for 2020-2024, according to a review by the Central Bank of Uzbekistan (CBU).

In all, 33,939 bars of bullion were sold last year versus the 31,211 bars purchased over the previous four years combined. 

Since the bullion sales programme was launched in November 2020, total sales have reached 65,150 gold bars, equivalent to 1.2 tonnes.

Also since the launch, banks bought back 11,828 bars with a combined weight of 201 kg. Smaller denominations dominate on both sides of the market: 5g and 10g bars accounted for more than 60% of total sales and around 65% of buybacks. 

In distribution terms, 5g bars made up 31% of sales (20,525 units) and 34% of repurchases (3,975 units), while 10g bars accounted for 30% of sales (19,442 units) and 30% of buybacks (3,545 units). Larger denominations, including 50g and 100g bars, represented comparatively small shares.

Demand has accelerated rapidly. Annual sales reached 236 kg in 2024, almost three times the previous average of 81 kg, before climbing to 661 kg in 2025.

The surge has coincided with rising global gold prices. According to the World Gold Council, global demand for gold bars and coins increased from 862.8 tonnes in 2024 to 1,068 tonnes in 2025, marking a 24% rise, with investors seeking safe-haven assets amid geopolitical and macroeconomic uncertainty.

Gold has also outperformed traditional savings instruments. Returns on gold bars reached -10.2% in 2020 and -4.1% in 2021, before turning positive at 5.1% in 2022 and accelerating to 25.2% in 2023, 31.6% in 2024 and 54.5% in 2025. 

By comparison, average deposit rates remained relatively stable at 16.8–19.5% in national currency and 3.7-5.0% in US dollars over the same period.

The central bank cautions, however, that gold is a non-interest-bearing and volatile asset, with returns driven entirely by global price dynamics rather than guaranteed yields.

The domestic sales programme was introduced under a June 2020 government resolution, enabling individuals to buy and sell gold bars through commercial banks. They were initially issued in denominations of 5g, 10g, 20g and 50g, but 100g bars were added in 2025 to broaden investment options.

Gold bars are produced with tamper-proof packaging developed in cooperation with Italian firm CERTLINE SRL. Each unit includes three security features, cryptoprint technology, a QR code for real-time verification and a unique serial number matched between the bar and its packaging, designed to ensure authenticity and build public trust.

Operational procedures also underpin the system. When bars in intact packaging are resold, customers are provided with settlement on the same day. If packaging is damaged or technical standards are not met, the bar is sent to the State Assay Office for examination within seven business days, with results communicated within one day and final settlement completed within three business days if authenticity is confirmed. The cost of the examination is covered by the central bank.

Prices are set with reference to international benchmarks, including the London Bullion Market Association fixing, adjusted for exchange rate movements and operational margins. A differential discount applies depending on whether packaging remains intact.

Market infrastructure has expanded alongside demand. The number of banks offering gold bar operations has increased from 12 to 19, while sales outlets have grown from 34 to 170 nationwide.

A new regulatory framework adopted in November 2025 has further broadened access, allowing banks to conduct gold transactions via mobile applications and introduce electronic metal accounts. 

These accounts enable customers to buy gold in fractional amounts starting from 0.1 grams, eliminating storage risks associated with physical bars and improving liquidity.

Under this system, banks can independently set buying and selling prices based on global market conditions and revise them throughout the day. Customers can open accounts digitally, fund purchases through mobile applications and track daily price updates.

In 2025, banks accumulated 169.74 kg of gold in electronic accounts, with a total value of UZS 311.7bn ($25.7mn).

In February, Uzbekistan bought eight tonnes of gold, ranking the country as the world’s second-largest buyer after Poland.