Has gold become more expensive in Azerbaijan?

Gold prices continue to rise in the global market.

In the Baku TV program "Salam Baku," economist-expert Khalid Kerimli discussed the impact of the price increase on the Azerbaijani market against the backdrop of growing demand for gold.

According to the expert, the price increase is beneficial for our country.

"One-fifth of the reserves of the State Oil Fund of Azerbaijan is invested in gold. At the end of 2023, its gold reserves amounted to 12%, and by 2024 - 20.6%. This year, it is planned to increase this figure to 25%. The rise in gold prices increases the value of our state's wealth. Additionally, Azerbaijan is a gold exporter. Therefore, the price increase means an increase in the country's exports," he noted.

Khalid Kerimli added that gold prices are linked to political tensions and sanctions in the world, as well as to declining inflation.

"The price of gold in the world market is approaching $3,000 per ounce. It is claimed that by the end of June, it could rise to $3,500," said the expert.