BAKU – This week, Azerbaijan’s precious metals market experienced notable increases in the prices of gold, silver, platinum, and palladium, with gold and palladium showing particularly strong gains.

According to Trend News Agency, the price of an ounce of gold in Azerbaijan increased by 118.6 manat or $69.7 (2.79 percent) over the past week. This surge brought the weighted average cost of an ounce of gold to 4,285 manat ($2,520), marking a 0.82 percent rise from the previous week. Similarly, the price of an ounce of silver climbed by 3.3 manat or $1.9 (6.95 percent), settling at a weighted average of 48.78 manat ($28.7).

Platinum prices also witnessed a considerable uptick. An ounce of platinum rose by 92.6 manat or $54.47 (5.83 percent) this week. The adjusted weighted average cost was reported at 1,621 manat ($953.5), a 3.59 percent increase from last week. Palladium demonstrated the most substantial growth, with prices soaring by 222.5 manat or $130.9 (2.77 percent). The weighted average price for an ounce of palladium concluded the week at 1,676 manat ($986), up 3.55 percent.

The continual rise in precious metals prices reflects broader economic trends and investor sentiment within the Azerbaijani market, impacting various sectors, from jewelry to technology and investments.