Industry
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Global gold futures exceeded $2,800 per troy ounce on January 29, setting a historic record in international trading, according to financial portal Investing.com. Notably, this price per ounce is twice the average level of 2023, reflecting growing global demand for gold as a hedge against inflation.
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On January 10, during a meeting with journalists specializing in the transport sector, Rahman Gummetov, Deputy Minister of Digital Development and Transport, discussed the ministry's success in transitioning to "green transport," aiming to electrify all Baku buses by 2030. He also highlighted a record number of passengers using railway transport. Gummetov stated that in 2024, Azerbaijani Railways (AR) served approximately 8.5 million passengers, compared to over 7 million in 2023. With the Baku-Balakan railway route that began operation on January 3, 2025, passenger numbers are expected to increase significantly nationwide.
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SOCAR Türkiye Enerji AS (STEAS), a subsidiary of Azerbaijan's state oil company SOCAR, has announced plans to construct new facilities in Turkey for the production of ethylene, polypropylene, and polyethylene (polyolefins). This initiative comes as Turkey's demand for these products continues to grow, with the country currently importing nearly 90% of its polyolefins.
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The presence of "hotspots" on the global map, geopolitical instability, and the uncertain future of the U.S. dollar—the key currency in trade operations—are factors driving increased investments in gold by private investors, companies, banks, and sovereign wealth funds.
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