Weekly update on Azerbaijan's precious metals market

Precious metal prices in Azerbaijan, including gold, silver, platinum, and palladium, declined over the past week, with both weekly and average prices falling across all four metals, AzerNEWS reports.

According to the Central Bank of Azerbaijan (CBA), the price of an ounce of gold (31.1 grams) in Azerbaijan fell by 195.2 manat ($114.8), or 2.4 percent, over the past week. The weighted average price of gold dropped 84.2 manat ($49.5), or 1 percent, compared to the previous week, reaching 8,062 manat ($4,742).

This week, the price of an ounce of silver in Azerbaijan declined by 8.17 manat ($4.8), or 6 percent, with the average price settling at 131.9 manat ($78.3), down 1.23 manat ($0.72), or 0.9 percent, from the previous week.

The price of an ounce of platinum fell by 169.3 manat ($99.5), or 4.8 percent, while the average price decreased by 74.4 manat ($43.7), or 2.1 percent, to 3,495 manat ($2,055) compared with last week.

Meanwhile, the price of an ounce of palladium dropped 141.9 manat ($83.4), or 5.4%, with the average price falling 60.1 manat ($35.3), or 2.2 percent, from the previous week to 2,611 manat ($1,535).