Over 1.0 tons of precious metals were sold on the UZEX exchange
Tashkent, Uzbekistan (UzDaily.com) -- Since the beginning of this year, over 1.0 tons of precious metals have been sold through exchange trading at the Uzbek Commodity Exchange, totaling more than 613.9 billion soums. At the same time, the amount of gold sales through the exchange reached 611.9 billion soums, and silver – 2.0 billion soums.
Compared to the same period of last year, the volume of sales of precious metals through the exchange increased fourfold, both in physical and in total terms.
During the period from January to September 2023, the exchange quotation of gold on the Uzbek Commodity Exchange increased by 9%, from 684.8 thousand soums to 744.1 thousand soums per 1 gram.
The starting price for precious metals on the exchange is determined based on the latest morning fixing of the London Bullion Market Association in national currency at the exchange rate of the Central Bank of the Republic of Uzbekistan on the date of the exchange transaction.
Currently, the London Bullion Market Association fixing price for 1 ounce of gold is $1,901.7.
Sellers of precious metals on the exchange market are Almalyk MMC JSC and Navoi MMC JSC, and buyers are manufacturers of industrial products with processing capabilities, jewelry manufacturers, as well as individual entrepreneurs.
Precious metals began to be sold through exchange trading at the Uzbek Republican Commodity and Raw Materials Exchange in March 2019.
The troy ounce is used as the main unit of measurement when trading precious metals. One troy ounce is equal to 31.1 grams.