AZE.US
Gold prices have dropped sharply in Azerbaijan, giving consumers a chance to buy jewelry at significantly lower prices than just a few months ago. The decline has also brought new activity to the country’s gold market, with both buyers and sellers saying demand has picked up.
Gold has long been regarded as one of the safest investment assets. Traders say the recent decline has created a favorable buying opportunity for people who had been postponing purchases.
According to jewelers, the price of Turkish gold has fallen dramatically over the past several months. Gold that previously sold for 220 to 235 manats ($129 to $138) per gram is now available for about 160 to 163 manats ($94 to $96).
Italian gold has also become more affordable. Sellers say prices have dropped from around 280 manats ($165) per gram to 220 to 230 manats ($129 to $135).
“The price fell very quickly. It was a real shock for the market,” one jeweler said, adding that Turkish gold became 70 to 75 manats ($41 to $44) cheaper per gram compared with just a few months ago.
Retailers say lower prices are benefiting both businesses and customers. When gold becomes more expensive, many consumers postpone purchases. The recent decline, however, has encouraged more people to shop for engagement rings, wedding jewelry and family gifts.
Buyers interviewed at jewelry stores also welcomed the price drop, saying they had been waiting for a better opportunity to purchase items they had previously admired.
The difference is especially noticeable for larger purchases. An 8-gram gold ring that sold for about 1,750 manats (about $1,029) three months ago is now priced at around 1,350 manats (about $794).
Despite the recent decline, market participants note that gold prices remain sensitive to global trends, currency movements and consumer demand. While most sellers do not expect a sharp rebound during the summer, they say prices could begin rising again later in the year if international markets strengthen.
AZE.US