Rovshan Amirjanov: Ounce of gold may rise to $4,000

In the coming months, the price of an ounce of gold on the global market may reach $3,900-$4,000, Rovshan Amirjanov, deputy chairman of the Board of the Azerbaijan Jewelers Association, told Report.

He noted that precious metals are currently experiencing a sharp rise in prices on commodity exchanges: "The price of gold has reached a historic high, approaching $3,800. The price increase is due to the US Federal Reserve's rate cut, the increase in gold reserves by central banks, geopolitical risks, and inflation expectations. Currently, an ounce of gold is trading at $3,760-$3,780, silver at $44, platinum at $1,470, and palladium at $1,200-$1,240. On the local market, a gram of 999.9-purity gold costs about 205 manats, 750-purity gold at 153 manats, and 585-purity gold at about 120 manats."

The deputy chairman noted that the price of gold is likely to exceed $3,800 in the coming months and rise to $3,900–$4,000: "The strengthening of the US dollar, declining inflation, and geopolitical tensions could cause some correction in the short term. In the medium and long term, the upward price trend is expected to continue."

(1USD=1.7 AZN)