Baku, Azerbaijan — July 13, — Gold prices in Azerbaijan have entered a rare period of stagnation, with values slipping compared to previous months — a development market observers say could present a prime entry point for buyers.
According to a report by Baku TV, the decline in gold prices is closely linked to reduced consumer activity during the Islamic holy month of Muharram, traditionally a time when celebratory purchases are scaled back. Jewelers across Baku have reported weaker demand, prompting many to lower prices to stimulate interest.
“Right now, there’s limited demand and a good supply,” said one gold merchant interviewed by Baku TV. “If you’re considering buying gold, this is an ideal time.”
Data from local traders show a drop in both retail jewelry purchases and investment-grade gold sales. Industry insiders note that while gold typically performs as a defensive asset in times of geopolitical or economic stress, cultural cycles such as Muharram can temporarily suppress market activity.
Adding to the cautious outlook is consumer hesitancy amid broader economic uncertainty and currency volatility. Still, experts say the current dip in prices is unlikely to last.
“Historically, the gold market rebounds after Muharram, especially ahead of wedding season and the autumn months,” noted Eldaniz Jafarov, a transport and economic analyst who also tracks commodity trends. “We expect an uptick by late summer.”
The Azerbaijan Gold and Precious Metals Association has not issued updated forecasts, but insiders suggest the lull could reverse as early as mid-August. Investors and consumers alike are watching closely for signs of a rebound.
For now, however, retailers are calling this moment a “buyer’s window” — a pause in the usual upward climb that savvy consumers may want to seize.
