A precious metal is a category of metals that is rare and naturally occurring with a high economic value. The most used precious metals all over the globe are gold, silver, and platinum, but recently, these have been facing a hard time in gaining a position in the market.
All these metals have an industrial use as well as they are used for art and jewelry purposes as well. The demand for these precious metals is dependent on their demand in the market as well as based on their practical use. Over the years, these metals have proven to be an excellent source for investments by people.
Azerbaijan and the recent price dip
Azerbaijan is a country in the region of Eurasia, and recently, the country has seen some developments which have caused a surge in the tourism industry in the country.
However, the precious metals market is facing a hard time as the price continues to decline. The cost of gold has dropped by 22.33 manat, which took the price to 2,475 manats per ounce. The value of silver reduced by 0.21 manat as the price reached 28.7 manats per ounce.
The price of platinum and palladium also witnessed a decrease of 44 manats and 185.6 manats, respectively. This took the price of platinum to 1,496 manats per ounce and 2870 per ounce for palladium.
These metals are gold, silver, platinum, and palladium( metal of platinum group), which are brought to their purest form of 999.9. These precious metals are sold in the form of ingots, coins, or powder along with their quality certificates.