Economic expert: Gold prices may climb to $4,500 per ounce in coming months

Global gold prices could fluctuate between $4,300 and $4,500 per ounce in the coming months, according to Rovshan Amirjanov, Deputy Chairman of the Board of the Azerbaijan Jewelers Association and economic expert, who told Report.

He noted a significant rise in demand for precious metals on commodity exchanges in recent days: "Gold is currently trading around $4,200 per ounce, with short-term upward and downward swings possible. This level is close to historical highs. The upward trend is driven largely by expectations that the US Federal Reserve may begin cutting interest rates toward the end of 2025. Anticipated rate cuts weaken the dollar and push investors toward gold as a safe asset."

Amirjanov added that ongoing geopolitical tensions in various regions, including the Middle East, are also increasing interest in stability-preserving assets: "In such conditions, gold serves as a reliable investment tool, boosting demand. Another key factor is central banks' growing gold purchases-China, India, Saudi Arabia, Kazakhstan and Singapore rank among the most active buyers, with China's consistent large-scale acquisitions having a strong impact on market dynamics."

He said gold could rise to as high as $4,500 per ounce in the near term, while short-term corrections may occur if the dollar strengthens or geopolitical risks ease. However, medium- and long-term trends still point to further growth in both gold and silver.

Amirjanov stressed that the price surge extends beyond gold: "Silver futures are trading at around $57–$58, approaching historical records. This increase is linked to silver's broad industrial use, especially in solar panels, electric vehicles, electronics and other high-tech sectors. The accelerating shift to green energy is further boosting demand. Having long remained cheaper than gold, silver is now widely used in investment portfolios and has become an important diversification tool."