Gold bars from the National Bank of Tajikistan (NBT), amid continued significant growth in global gold prices for the third consecutive year, have risen in price by an average of 23.7% over the first four months of this year.
According to the NBT, the price of a 5-gram gold bar has increased by 1,060 somonis (from 4,778 somonis to 5,838 somonis) since the beginning of the year, which is a 22.2% rise, while the price of a 100-gram bar has increased by 23,030 somonis (from 91,232 to 114,271 somonis), or 25.2%.
The larger the bar, the lower the cost per gram of gold, and vice versa. For example, a gram from a 5-gram bar costs 1,1169.6 somonis, while from a 100-gram bar, it costs 1,142.71 somonis.
It should be noted that after a record price increase (43%) during the pandemic in 2020, gold bars from the NBT decreased in price over the next two years (by 4.1% in 2021 and by 9.0% in 2022).
However, since 2023, prices have been rising at a fairly rapid pace (by 21.5% in 2023 and by 25.8% in 2024).
The 5-, 10-, 20-, 50- and 100 gram gold bars produced by the National Bank of Tajikistan were released into free circulation in June 2017. The gold bars are sold by the NBT Department of Monetary Circulation and Cash Operations.
The then-head of the NBT Jamshed Nourmahmadzoda told reporters in Dushanbe on February 5, 2020 that gold bars with a total weight of 100 kilograms are waiting for their customers in storage of Tajik central bank.
“By president’s order we have produced gold bars with a total weight of 100 kilograms and we are gradually selling them,” Nourmahmadzoda noted.
According to him, citizens of the country can buy the NBT-produced bars using their passports. “No other documents are required,” Nourmahmadzoda said.
Every citizen of the country can purchase the bars by presenting his/her passport. There is a limit, however: one kilogram per person per year.
The specialists of the National Bank determine and set the price of the bars daily, based on the price of a troy ounce (31.1034768 grams) of gold from the morning interbank fixing in London.
Real production costs for making gold bars, transportation and insurance costs, and customs duties are also taken into account.
The gold used for producing the bars is mined within the country.
Meanwhile, global gold prices have increased by 23.2% since the beginning of the year—from $2,659 to $3,276 per troy ounce.
Reuters reported on March 31, 2025 that gold prices have soared above US$3,100 per ounce for the first time as concerns around U.S. President Donald Trump's tariffs and the potential economic fallout, combined with geopolitical worries, drove a fresh wave of investments into the safe-haven asset.
Spot gold prices hit a record high of $3,106.50 per ounce.
Reuters notes that according to experts, the main factors driving this growth include geopolitical instability around the world: trade wars, sanctions, and economic uncertainty have increased demand for gold as a safe-haven asset.
Actions by central banks, which have increased their gold purchases, especially amid growing distrust of the US dollar, are also noted.
