BAKU, Azerbaijan, April 1. Gold prices have reached new record levels in global markets. On April 1, 2025, for the first time in history, the price of one ounce of gold surpassed $3,150, setting a new high. Currently, the price of gold in the London Metal Exchange (LME) is fluctuating between $3,130 and $3,145 per ounce.
In an exclusive interview with Trend, Rovshan Amirjanov, Deputy Chairman of the "Azerbaijan Jewelers Association" public union and Chairman of the Technical Committee for Precious Metals and Stones, shared his insights on the rising gold prices.
He noted that this upward trend may continue, suggesting that gold prices could remain high or increase even further. Amirjanov explained that the recent surge in prices is linked to several global economic and political factors.
The expert stated that the new tariffs imposed by US President Donald Trump have heightened concerns about the potential escalation of the global trade war.
"As a result, investors are flocking to safe-haven assets, particularly gold. The rise in gold prices is not only influenced by trade policies but also by the fiscal policies of the United States and geopolitical tensions," he said.
A notable rise in the selling prices of 585, 750, and 999.9 fine gold has been observed in Azerbaijan....
Amirjanov emphasized that fluctuations in international markets directly impact the local market, leading to higher prices for gold and other precious metals, as well as jewelry products.
"The rising gold prices and fluctuations in global markets have sparked increased interest in gold and other precious metals in Azerbaijan's local market. These international market fluctuations directly impact Azerbaijan's precious metals sector, driving up the prices of both precious metals and jewelry domestically. Recently, there has been a notable surge in the selling prices of 585, 750, and 999.9 fine gold in the country," he added.
Gold prices are expected to reach $3,500 per ounce shortly.
Amirjanov highlighted that previous predictions have proven accurate.
"The price of gold continues to be shaped by global economic and geopolitical factors, and the upward trend is expected to persist. Experts forecast that the price of gold could reach $3,500 per ounce shortly.
Key drivers behind this price surge include inflationary pressures, rising geopolitical tensions, and the increase in gold reserves held by central banks," he said.
How profitable is it to invest in this precious metal under current conditions?
According to Amirjanov, investing in gold and other precious metals in the present climate can be highly profitable, especially when considering global economic and geopolitical uncertainties, inflationary pressures, and the increasing gold reserves held by central banks.
"Gold remains an attractive investment option for investors. Due to political instability, inflationary pressures, and macroeconomic volatility, the price of gold is expected to rise. The new tariffs introduced by President Trump, set to take effect soon, could accelerate inflation, slow economic growth, and heighten trade tensions, all of which would drive up demand for gold. Additionally, the growing gold reserves held by central banks are also contributing to the price increase.
Since gold has long been a traditional hedge against economic and political instability, it remains a highly favorable option for long-term investment in the current climate," he added.
Azerbaijan produced 478.3 kilograms of gold from January through February 2025, marking an increase of 214.7 kilograms, or 81.4 percent, compared to the same period last year.
As of March 1, the country's available gold reserves stood at 160.4 kilograms.
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