Baku. 7 January. REPORT.AZ/ Gold prices rise sharply on the background of raising risks in the world financial markets.
Report informs gold price fell due to the weakening Chinese economy and conflict between Iran and Saudi Arabia.
Notably, price of gold in first 4 days of 2016 increased by 39.3, or 3.7%, from 1 063,20 USD / per ounce to 1 102,5 USD/ per ounce.
Analytical Group of Report News Agency believes that within the next 2-3 weeks gold can rise up to 1 120 USD / ounce. However, the price of gold will return to its previous level- 1 000 USD / ounce. Overall, in 2016-2017 gold predicted to fall to 870 USD / per ounce.
Two major factors in the global market will have an impact on price of gold: The price for raw materials and AZN / USD exchange rate. Taking into account today's AZN / USD exchange rate (1,65-1,70 AZN / USD), local selling price of gold fluctuates between 75-85 AZN.
"Soft devaluation of the manat will continue to increase price of gold on the domestic market. If price of gold begins to fall in global markets it will be offset by the devaluation of the manat, and the growth will not be felt for some time. The devaluation of the manat and the speed of movement of gold prices in the world market will play an important role, "-" the analysts of Report said.