Precious metals trading expands 2.2-fold on Uzbekistan’s commodity and raw materials exchange in 2023
The Uzbek Republican Commodity and Raw Materials Exchange has reported 2023 trade of 1.8 tonnes of precious metals, valued at $919.3mn, a figure that was up 2.2 times year on year.
Gold transactions totalled $917.2mn, while silver accounted for $210,000.
Gold prices on the exchange rose by 14.8% over the year, moving from UZS 684,800 ($55.31) to UZS 786,000 ($63.49) per gram.
Prices are set based on the London Bullion Market Association's morning fixing. They are converted to the national currency at the rate posted by the Central Bank of the Republic of Uzbekistan.
Almalyk MMC and Navoi MMC are the main sellers on the exchange. Buyers include industrial manufacturers, jewellery makers and individual entrepreneurs.
The exchange began selling precious metals in March 2019. This followed Cabinet of Ministers Resolution No. 186, dated 1 March 2019. The resolution outlines the procedure for the sale of precious metals on the exchange.
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