Gold prices in global commodity markets have reached a historic peak, with the price of one ounce of gold surpassing the $4,800 mark to hit a record high.
In Azerbaijan, a corresponding increase has been observed in the prices of precious metals, particularly gold. As of January 22, the price of gold per ounce in Azerbaijan stands at 8,153.21 manats, while the value of one gram of gold is recorded at 262.13 manats. The highest market price was recorded for 999-carat (pure) gold, which currently trades at 262.13 manats per gram.
Prices for other types of gold in the domestic market are as follows: 750-carat (Italian) gold is priced at 196.80 manats per gram, 585-carat (Turkish) gold at 153.50 manats per gram, and 582-carat (Russian) gold at 152.71 manats per gram. Experts attribute this price surge to the appreciation of gold on international markets and fluctuations in the currency market, noting that if current trends persist, further volatility in gold prices is expected in the coming days.
Economist Natig Jafarli told Operative Information Center-OMM that the world is entering an increasingly dangerous and unstable phase, which is driving investors toward gold, the traditional "safe haven." The expert noted that increasing global conflicts, political confrontations, and geopolitical risks are putting the world economy under serious pressure.
"Metaphorically speaking, the world has turned into a boiling cauldron. During such periods, investors flee from risky instruments, while states and central banks shift their reserves into gold," Jafarli stated.
Jafarli believes that if current processes continue, further record levels in gold prices are inevitable. "I see a scenario where the price of an ounce of gold could reach $5,000 this year as quite realistic," he added. The economist also emphasized that the global price hike will not bypass Azerbaijan. As a country dependent on imports, Azerbaijan directly feels price changes in the world market: "As gold becomes more expensive on the international market, prices in the domestic market will automatically rise."
Gold has historically served as a hedge against inflation and geopolitical uncertainty. In times of economic instability or high inflation, investors often pivot away from fiat currencies and equities toward precious metals to preserve capital. This trend is currently being reinforced by central banks globally, which have been increasing their gold reserves to diversify away from the US dollar and other major currencies. In Azerbaijan, the Central Bank and the State Oil Fund (SOFAZ) maintain significant gold reserves as part of the national fiscal strategy to ensure long-term economic stability.
