Azernews.Az

BAKU – Gold jewelry sellers in Baku say the high international price for gold is causing Azerbaijanis to buy less and hurting their businesses, Radio Liberty reports.

Zulfi Musayev, a trader in a Baku shopping center, told , Radio Liberty he closely follows gold-related news and every minor fluctuation in the world price for the precious metal affects the Azerbaijani market.

"I was following the gold exchange one day [on the Internet] when an ounce of gold was rising...and it made a $60 difference in one day [on the local market]," he said.

Gold trader Konul Bayramova also said that the sharp rise in the price of gold has driven sales down. "My sales have decreased by about 75-80 percent," she said. "We were selling $30,000 worth of gold products a month before [the price rise], now we are selling $6,000-$7,000 worth [per month]."

Economist Samir Aliyev said that Azerbaijan's gold market fluctuates with world markets as it is dependent on imports.

"Azerbaijan produces inconsequential amounts of gold, therefore it has no influence on the local market," he said. "The gold prices will continue to rise in world markets and this tendency will be felt in local markets as well."

An ounce of gold currently costs approximately $1,606, according to the Azerbaijani National Bank. In January an ounce cost about $1,320.