Galt&Taggart has published the dynamics of Georgia's foreign trade in oil, natural gas, ammonium nitrate, wheat, copper, ferrosilicon and gold in May 2023 and the annual change in export-import.
In June 2023, gold price was down 2.2% m/m, starting to decline from mid-month as demand on the bullion in China faltered amid slow economic recovery. Gold is deemed to be safe-haven asset during periods of uncertainty and high inflation. The demand for it has been increasing amid US/European banking crisis in 2023, which contributed to the price rally in recent months, reaching US$ 2,000 per troy ounce in Apr-23.
In January-May, the annual gold export from Georgia stood at $38 million that is 8.9% more compared with last year.
