Uzbekistan's Commodity Exchange reveals its gold trade for January 2020
BAKU, Azerbaijan, Feb. 17
By Ilkin Seyfaddini – Trend:
A total of 700 grams of gold was sold through the Uzbek Commodity Exchange (UZEX) for over 330 million soum, Trend reports citing the Uzbek Commodity Exchange (UZEX).
The UZEX report said the average weighted price of gold for January 2020 was 476,100 soum ($49) per gram.
Some 145.1 kg of gold and silver worth over 6.1 billion soum ($637,1) were sold through UZEX exchange trades in 2019.
The precious metals started to be sold through exchange trades of Uzbek Republican Commodity and Raw Materials Exchange in March 2019.
A total of 12.6 kg of gold worth 5.5 billion soum ($574,413) was sold through the exchange. The exchange quotation of gold made up 435,200 soum ($45.4) for one gram. The volume of silver sales reached 132.5 kg of silver at the cost of 605.7 million soum ($63,258). Average weighted price of silver made up 4,600 soum per one gram ($0,5).
The report says that the starting price of the precious metals at the exchange is determined on the basis of the London Bullion Market Association in national currency at the rate of the Central Bank of Uzbekistan on the date of the exchange transaction.
For the period from March to December 2019 London Bullion Market Association fixing price per one ounce (31.1 grams) of gold increased by 17 percent, from $1,302 to $1,523.
As reported earlier, precious metals remained the main position of Uzbek exports in 2019. Gold accounted for over $4.9 billion - 27.5 percent of total national exports.
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