Monday, June 20 2011 19:25

Precious metal prices in Armenia drop by 3%


ArmInfo. In the last week precious metal prices in Armenia dropped by 3.1%.

The State Precious Metals and Stones Depository of Armenia reports that June 20-26 2011 one gram of gold (standard bars) cost 18,386.91 AMD (1.4% less than a week ago), silver - 425.35 AMD (-5.1%), platinum - 21,500.16 AMD (-2.7%), palladium - 9,422.26 AMD (-3.1%).

Since the beginning of this year gold price in Armenia has grown by 14.6%, silver price - by 25.5%, platinum price - by 7.8%, palladium price - by 7.9%, the average rise being 14%.

As of June 9, the Aug futures at Comex dropped by 0.01% to 1,537.2 USD per troy ounce. In Q1 2011 gold (an alternative to unstable foreign exchanges and fluctuating shares) grew in price by 1.3%. This is the tenth quarter seeing a growing gold price - the longest rally since 1975. After a record 30% jump in 2010 the price dropped by 6% in Jan 2011 just to soar again in Mar 2011 to 1,447 USD per troy ounce. In Apr 2011, following the financial crisis in Europe and high inflation worldwide, the price continued to grow. In May 2011 it dropped by 1.3% due to USD's appreciation. All-time high price was registered May 2 - 1,557.4 USD per troy ounce.
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