Gold prices hit 20 months low

The prices for precious metals have decreased in Azerbaijan as for August 16, according to the data published by the country’s Central Bank.

The price of gold decreased to a 20-month low, by 23.528 manats ($13.80) to 1,995.6725 manats ($1170.48) per ounce in the country on August 16, compared to the price on August 15. The last time the price of gold was below 2,000 manats ($1173.02) on December 28, 2016 (1,997.5722).

The price of silver decreased by 0.7605 manats ($0.45) to 24.6758 manats ($14.47) per ounce.

The price of platinum decreased by 30.3965 manats ($17.83) to 1,313.1735 ($771.32) manats.

The price of palladium dropped by 62.237 manats ($36.50) to 1,457.75 manats ($854.99) in the country.

In January 2018, 744.8 kg of gold produced in Azerbaijan, which is 7.1 times more compared to the same period last year in accordance with the information of the State Statistical Committee.

Moreover, last year Azerbaijan produced 6,391 tons of gold which is 3.4 times more than in 2016.

At present, gold production in Azerbaijan is carried out in Dashkasan by AzerGold CJSC and Gadabay by British company, AngloAsian Mining. First gold production in Gadabay began in 2009.

In general, gold and silver is mined by Anglo-Asian Mining in the framework of the contract such as Product Sharing Agreement, signed in 1997, where Azerbaijan's share is 51 percent.