The first purchases of precious metals were made at the Uzbek Commodity Exchange (UZEX), placed by the Almalyk Mining and Metallurgical Plant.
192.6 million soums worth of 46.5 kg silver was sold at trades from March 18 to 20. The weekly price of silver was at 4142.56 soums per 1 g. Industrial, jewelry manufacturers participated in the auctions. Precious metals purchased at trades cannot be exported.
Two contracts - Ag-1 silver bars with 500 gram per lot and Au-1 gold bars with 100 gram per lot - have been opened for local market trades.
The daily silver supply is 15.5 thousand grams, and gold - 2.6 thousand grams. The starting price is set at the last morning’s fixed rate of the London Association of the Precious Metals Market converted into soums.
To participate in trades, sellers and buyers must make a deposit of 1% of the expected amount of the transaction. Jewelry manufacturers must also provide the jewelry manufacturing permit.
The regulation for sale of precious metals at UzEx has been approved by the Cabinet of Ministers in early March.