AZE.US
Gold prices in Azerbaijan have fallen sharply after a brief surge, with jewelers reporting unusually rapid fluctuations in both retail and scrap-gold rates.
Gold of 585 fineness is now selling for 170-175 manats ($100-$103) per gram, down from 180-185 manats ($106-$109) between Aug. 20 and Aug. 25.
The retail price has therefore declined by approximately 10-12 manats ($6-$7) per gram within days.
Local sellers attributed the change to a sudden decline in global gold prices. They said international prices fell by approximately $120 per troy ounce on Aug. 28, quickly affecting Azerbaijan’s jewelry market.
Scrap Gold Falls to 133 Manats
Before the latest decline, gold prices had climbed for roughly 10 days. During that period, the purchase price for scrap gold rose from 125 manats ($74) to 139-141 manats ($82-$83) per gram.
It has since fallen to around 133 manats ($78). Retail prices simultaneously declined from about 185 manats to 173-175 manats ($102-$103) per gram.
Sellers said prices can now change within a single hour. In previous years, significant increases or declines occurred only once or twice annually, while rates are now being revised almost daily.
Some jewelers expect gold prices to begin rising again next month. Demand for jewelry has also reportedly increased following the end of the Islamic month of Muharram.
AZE.US