What CBU gold bars are
Since November 2020 the Central Bank of Uzbekistan has sold standard gold bars to the public through commercial banks and bought them back. Bars come in 5, 10, 20, 50 and 100 grams. Anyone with a passport can buy.
The CBU sets prices daily based on the world gold price (LBMA fixing), the so'm/dollar rate and a margin for production and operating costs. Selling and buyback prices are published on the CBU website. For reference, kun.uz reported that on 1 May 2026 a 5 g bar cost 9,394,000 so'm; check today's price on the day you buy.
Where and how to buy
- At branches of participating banks — about two dozen banks and over 170 points of sale across the regions as of spring 2026.
- In some banks' mobile apps, collecting the bar at a branch.
- Through a metal account — some banks sell "electronic" gold from 0.1 g without a physical bar.
At the branch: passport, choose the weight, pay, receive the bar in its original packaging with purchase documents. Do not open the packaging and keep the documents — buyback depends on it.
Buyback and spread
A CBU bar can be sold only back to a bank, at the buyback price also set by the CBU, provided the original packaging is intact.
The difference between the selling and buyback prices is the spread — your entry ticket. According to kun.uz calculations for May 2026, it was about 6% for a 5 g bar and about 4% for 10 g; larger bars have lower spreads.
Example. You buy a 10 g bar for 18 million so'm. With a 4% spread, an immediate buyback would pay about 17.3 million. Gold in so'm must rise at least 4% just to break even. Hypothetical numbers. So gold is for years, not months.
Storage
At home (free, but theft and damage risk), in a bank safe deposit box (safer, but rent reduces return), or in a metal account (no storage issues; read the contract and fees).
Pros and cons
Pros: hedge against so'm devaluation, a tangible and simple asset, a guaranteed sales channel (bank buyback), small entry size.
Cons: no interest or dividends, volatile price with long flat or falling periods in the past, spread on entry and exit, storage costs and risks.
Gold or a deposit
| CBU gold bar | So'm deposit | |
|---|---|---|
| Income | Price change only, not guaranteed | Contract rate |
| Devaluation hedge | Yes | No |
| Guarantee | No price guarantee | Individual deposits guaranteed |
| Entry/exit cost | Spread, storage | Lost interest on early withdrawal |
| Liquidity | Bank buyback at CBU price | Depends on deposit terms |
| Horizon | 3+ years | From 3 months |
According to CBU data cited by Gazeta.uz, gold in so'm rose by more than half in 2025 and demand for bars jumped. Past growth does not predict the future. Many people use gold as a small part of long-term savings (for example 5–15%) to hedge devaluation — an illustration, not a recommendation.
Bars or jewellery
Jewellery is not a gold investment: its price includes craftsmanship, design and shop markup, and when sold you usually get the scrap price. A CBU bar has a standard purity, weight and official buyback price, so its value is easier to judge.
Buying in parts or all at once
No one can predict tomorrow's gold price, so many people buy in parts — say, a 5 or 10 g bar every few months — to smooth the average price. The downside is the higher spread on small bars; one larger bar held for years may cost less in spread. Compute it yourself from the CBU table: (selling price − buyback price) / selling price.
Quick purchase checklist
Check CBU prices; call the branch to confirm the weight is in stock; bring your passport and ask about payment options; check the packaging, weight and serial number against the documents; keep the receipt with the bar; decide on storage before you buy.
Common mistakes
Buying gold with emergency-fund money, opening the packaging or losing documents, buying bars "second-hand" from private sellers (forgery risk), and expecting guaranteed growth.
Next step
Compare gold with other options in the ONPUL investment products and deposits section, see what deposit rates are available now, and decide for yourself what share of savings really belongs in gold. Always check current selling and buyback prices on the CBU website on the day you buy.