AZE.US
Gold prices in Azerbaijan have declined from their peak earlier this year, reflecting a broader correction in global markets after a period of rapid gains.
Sellers in the local market say the drop is already visible, although the effect on demand remains mixed. According to traders, the decline has been more noticeable in 385-grade gold, which is now selling at around 185 to 190 manats per gram. By contrast, 750-grade Italian gold has seen only limited easing, with prices still ranging between 230 and 250 manats per gram.
Some sellers say the lower prices have not fully translated into stronger consumer demand. While gold has become more affordable than it was at the peak, broader uncertainty in the market is still making buyers cautious about large purchases.
Others report the opposite trend, saying the decline has helped revive interest, especially in wedding sets, engagement rings and wedding bands. One seller said the market had suffered when prices climbed to about 215 manats, while current levels have produced a more favorable trading environment.
Economist Eldaniz Amirov said the current decline should be seen as a correction after an earlier surge. He said gold reached a record on January 28, when the price of one ounce rose to $5,589. By April, the average price had fallen to about $5,300 per ounce.
That amounts to a decline of roughly 11% to 12% from the January high, according to Amirov. He said global markets typically move into a correction phase after sharp rises or falls, and gold now appears to be in that cycle.
In his view, the same factors that pushed gold sharply higher earlier have partly reversed, leading to the current pullback. Even so, he does not expect major turbulence for the rest of the year.
Amirov said some further decline is possible in the coming months, but he does not expect either a sharp drop or a new surge during 2026. Instead, he expects prices to continue fluctuating within a relatively narrow range.
For the Azerbaijani market, that means gold is no longer as overheated as it was in January, but buyers should not expect a deep price collapse either. For now, the market appears to be moving into a period of cautious stabilization.
AZE.US