Gold price hits record high
World prices for gold surged to record highs in the past two weeks,
with an ounce (31 grams) selling for $920.
The prices for the precious metal in the Azerbaijani capital Baku range between 22 and 30 manats (up to $35) depending on the grade. The increase has made up an average of 4 manats ($4.8) in the past week.
The increase has prompted customers to beware of new price fluctuations and exercise caution in buying gold and jewelry items.
Italian gold is the most popular in the country and is said to account for about 70% of all such goods put on sale.
The sales of used gold have gone down of late -- a development industry specialists say is due to citizens' preference to turn their savings into gold instead of placing spare funds in banks.
Expert Ilham Shaban says that the central banks of countries setting the tone in world politics tend to buy gold, along with exchanging dollars, whose rate has been falling, to euros. He said that European and US banking analysts are firm in their projection that 2008 will see a sustainable increase in the value of gold in world markets.
The prices for the precious metal in the Azerbaijani capital Baku range between 22 and 30 manats (up to $35) depending on the grade. The increase has made up an average of 4 manats ($4.8) in the past week.
The increase has prompted customers to beware of new price fluctuations and exercise caution in buying gold and jewelry items.
Italian gold is the most popular in the country and is said to account for about 70% of all such goods put on sale.
The sales of used gold have gone down of late -- a development industry specialists say is due to citizens' preference to turn their savings into gold instead of placing spare funds in banks.
Expert Ilham Shaban says that the central banks of countries setting the tone in world politics tend to buy gold, along with exchanging dollars, whose rate has been falling, to euros. He said that European and US banking analysts are firm in their projection that 2008 will see a sustainable increase in the value of gold in world markets.
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