Tuesday, July 12 2011 10:38

Precious metal prices on rise


ArmInfo. This week silver and palladium prices in Armenia grew by 3-4% while gold and platinum ones by 1-2%. The average growth was 2.5%.

The State Depository of Precious Metals and Stones of Armenia reports that July 10-17 2011 the prices were as follows: 1 gm of gold cost 17,998.99 AMD (1.2% weekly growth), 1 gm of silver - 418.68 AMD (+3.1%), 1 gm of platinum - 20,557.61 AMD (+2%), 1 gm of palladium - 9,149.02 AMD (+4%).

Since the beginning of this year, gold price has grown by 12.2%, silver price - by 23.6%, platinum price - by 3.1%, palladium price - by 4.7%. The average growth was 10.9%. In Q1 2011 precious metal grew in price by 9.7%, in Q2 2011 - by 2.5%. In Q1 2011 gold and silver grew in price by 17.2%, platinum and palladium - by 2.2%, in Q2 20111 gold price rose by 8.8%, platinum and palladium prices - by 1.5%, silver price dropped by 1.6%. 4% drop in June was stopped July 10 by mostly by appreciating silver and palladium.

According to international stock exchanges, gold price is growing because of fears of inflation. The August gold futures at Comex has grown by 0.2% to 1,546.5 USD per troy ounce.

In China consumer prices have jumped to 6.4% - the highest index in the last 34 months.

According to Chi Duofeng, expert from Bohai Futures Co., inflation remains a big problem worldwide and will keep gold prices high.

Meanwhile, Die Welt reports that the European Central Bank is searching for ways to increase its reserve funds for supporting Italy in case of crisis as possible crisis in Italy would be much graver than the current one in Greece.

According to Duofeng, the unstable situation in Europe and the current economic problems worldwide will be a factor that will push gold prices up during the year.

In 2010 gold price grew by all-time high 30% due to crisis in Europe and high inflation worldwide. May 2 gold price was all-time high - 1,557.4 USD per troy ounce.
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