Gold Prices Supported as Azerbaijan's Gold Production Declines

Azerbaijan's gold production declined significantly in the first half of 2026, falling by 17.8% year over year to 1.32 tons.

This comes as global gold production has largely plateaued since 2010, limiting new supply growth despite higher prices encouraging some incremental production increases.

The decline weighs on Azerbaijan's mining sector and reflects the challenges faced by several major gold-producing countries in recent years.

On a more positive note, China's gold imports reached a 26-month high in May, up 76% year to date. This robust physical demand from the world's largest gold market is providing support for gold prices amid ongoing macroeconomic and geopolitical uncertainty.