Baku: This year, the price of gold in Azerbaijan has increased at a significant pace, said the Azerbaijan Jewelers Association, Togrul Abbasguliyev, in a statement to APA-Economics.

According to Azeri-Press News Agency, Abbasguliyev noted that compared to the end of last year, the price of 1 gram of “999” gold has increased by 58%. At the end of last year, the price of 999 gold was 85 US dollars, but now it is 135 US dollars. A week ago, the price in question had risen to 140 US dollars. He explained that when the price reaches a very high level, demand in the market decreases, which leads to a decrease in the price of gold on the stock exchange. As gold becomes more expensive, jewelry also becomes more expensive.

Currently, the price of 1 gram of 585 gold, i.e., 14 carats, starts at 170 manats excluding VAT, and the price of 1 gram of 750 gold, i.e., 18 carats, starts at 200 manats excluding VAT. There has been a 40-45% increase in the price of gold of both standards compared to the beginning of the year.

For your information, as of this morning, the price of December gold futures for one troy ounce on the COMEX Commodity Exchange in New York increased by 0.78% to 4,141.34 US dollars. The price of December silver futures for one troy ounce on the COMEX also increased by 1.33% to 48,338 US dollars.