London:Gold prices on global markets have surged significantly in the third quarter of this year, with the average price under the London Bullion Market Association (LBMA) PM Gold Price fixing reaching USD 4,262 per troy ounce. This official gold price, determined each afternoon, is a crucial benchmark in the global gold market.

According to Azeri-Press news agency, this figure represents one of the three highest quarterly average price levels ever recorded, marking a 23% increase compared to the same period last year.

Furthermore, gold mine production saw a 3% year-on-year increase, reaching a total of 1,071 tons, which sets a new record for third-quarter production, as highlighted in the report by the World Gold Council.