AZE.US
Gold prices are rising sharply in Azerbaijan as the global precious-metals rally accelerates, pushing some locally sold gold products to as much as 220 manats (about $129).
As AZE.US reports, gold is on track for its strongest weekly gain since January, with the price of the precious metal trading at around $4,294 per troy ounce on New York’s COMEX market.
The global rally is already filtering through to Azerbaijan’s jewelry market, where sellers say prices for both 585- and 750-purity gold have increased.
Some buyers say the rise is becoming particularly noticeable ahead of weddings, when demand for jewelry traditionally increases. One customer said an item previously offered for around 2,000 manats ($1,176) was now priced at approximately 2,300 manats ($1,353).
Local sellers confirmed that prices have moved higher in recent weeks. New gold products that were previously quoted at around 155 manats ($91) have risen to about 165 manats ($97), while some second-hand gold prices increased from 145 manats ($85) to approximately 155 manats ($91).
Prices vary depending on purity and the type of jewelry.
Gold of 585 purity, previously sold at roughly 150-165 manats ($88-$97), is now being offered at around 160-180 manats ($94-$106).
Higher-purity 750 gold is being quoted at approximately 200-220 manats ($118-$129).
Market participants say the increase reflects both international gold prices and renewed domestic demand as Azerbaijan enters a more active wedding period.
Experts cited geopolitical tensions, including uncertainty surrounding the Strait of Hormuz, as one of the factors supporting gold prices. Precious metals typically attract additional demand during periods of military escalation, political uncertainty and concerns over global trade and energy routes.
Analysts interviewed in the report said a significant decline in gold prices is unlikely while geopolitical tensions and uncertainty in global markets remain elevated.
AZE.US