"Since the beginning of the year, the gold market has seen a sharp increase in prices: 1 gram of pure gold has risen by about 40 GEL on the local market, while the price on international exchanges has hit $ 5 000 per ounce.
According to Tornike Samkharadze, Executive Director at "Zarapkhana", if the current trend continues, gold price could reach $5 300 by September, which in Georgia means a 10 GEL price hike per gram of pure gold."
"The price of gold has risen significantly since the start of the year, by roughly 40 GEL per gram of pure gold. This corresponds to an increase of about $ 4 000-5 000 in the currency market. The international price of gold is currently $ 5 000 per ounce, which, in the Georgian market, is equivalent to 445 GEL per gram.
If the global market price stands at $ 5000, we will also maintain a stable price in the local market.
"The first quarter reported low demand in our industry, so we can confidently say that in the second quarter, the current price will be supplemented by an increase in demand that will cause price hikes. We expect the current price to surge, but unless other global factors, it should not exceed $5 200.
By September, the price of gold could even hit $5 300. The current trend means an increase in the price of 1 gram of pure gold on the Georgian market by GEL 10," Samkharadze notes.
In his words, a rise in silver prices is also expected due to its increasing popularity.
"Demand for gold is up compared to the same period last year; sales have surged by about 20%, leading to a 10% revenue increase."
"Last year, around this time, when I spoke about silver, I encouraged everyone to focus on it.
Silver is still going to be a hot commodity this year.
After an initial surge to a very high price followed by a sharp fall, demand for silver jewelry is increasing, and investors are also showing considerable interest," Samkharadze told Commersant.
