BAKU, Azerbaijan, January 14. As the global precious metals markets keep climbing, the prices for gold and silver products in Azerbaijan are also on the rise, following a distinct upward path.
Rovshan Amirjanov, Deputy Chairman of the Board of the Azerbaijan Jewelers Association and Head of the Technical Committee on Precious Metals and Stones, told Trend that gold has reached record levels globally, surpassing $4,600 per ounce, while silver is trading near $90 per ounce. He explained that silver’s extensive role in electronics, energy, and production chains, coupled with the rising curiosity from investors, is a big player in the game of price swings.
“This trend is reflected in the Azerbaijani market, where domestic prices are directly sensitive to changes in the global market. Price increases are particularly noticeable in imported goods, as new shipments arrive at higher prices, updating retail prices promptly. However, not all products rise at the same pace, especially heavy jewelry purchased earlier, which is adjusted in stages,” Amirjanov noted.
The Effect of Global Precious Metal Price Surges on Azerbaijan’s Jewelry Market
He added that in Azerbaijan, gold and silver product prices are formed based on global market indicators. Therefore, when global prices rise, the base metal value per gram increases, which is reflected in retail prices.
“When global prices rise, the domestic value of the base metal per gram naturally increases, and this change is reflected in retail prices. However, the price of jewelry is influenced by more than just the metal itself: factors such as craftsmanship, design, the inclusion of precious stones, and service costs are also taken into account, which means that in-store price increases can sometimes outpace movements on the stock market,” Amirjanov delineated.
Price Outlook for the Coming Period
Looking ahead, Amirjanov mentioned that as long as global prices stay on the high horse, the trend of rising prices in Azerbaijan is likely to keep rolling along.
“Short-term fluctuations are possible: after sharp increases, prices may stabilize or briefly retract. In silver, industrial demand provides support, while rising investment interest increases volatility, making the market more responsive and flexible to news and global trends,” he added.
According to the State Statistics Committee, Azerbaijan produced 2,815 kilograms of gold from January through November 2025, an increase of 248 kilograms, or 9.7%, compared to the same period in 2024, when 2,567 kilograms were extracted. As of December 1, 2025, the country’s gold reserves totaled 155 kilograms.
Meanwhile, silver production in the same period reached 3,506 kilograms, 441 kilograms, or 14.4%, higher than the previous year. By December 1, 2025, the country’s silver reserves totaled 885.3 kilograms.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel