The processes in the world market show that gold price will rise, said Reza Vaziri, Anglo-Asian Mining CEO, president of Azerbaijan International Mining Operation Company.
Among the factors causing gold price rise, Vaziri called the political processes in the Middle East, Egypt, Libya and other countries, increase of gold demands in China, weakening of USD in the world market. He forecast gold price rise to $1600 per ounce by the end of 2011 and $ 2000 by the end of 2012.The lowest cost of gold production in the world is observed in Azerbaijan. The company spends $ 345 for production of one ounce of gold. “If we take the share of Azerbaijani side into consideration, it reaches $ 600, which is very good and profitable price”.
Gold price is above $ 1500 per ounce in the world market.
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