Tuesday, August 9 2011 16:23

Demand for gold ingots in Armenia has grown sharply, expert thinks


Arminfo. In Armenia the monthly demand for the gold ingots of different sizes in Armenia was $4-6 mln at the beginning of summer, but it sharply grew in July, chairman of ARARTBANK Board David Harutyunyan told Arminfo correspondent.

"The growth of demand is conditioned by the situation at the world markets, including the growth of the gold price at law materials market and falling of the USA rating. The investors, watching all this, prefer to convert more risky assets, including shares and foreign currency, in gold", - the expert said and added the tendency of growing in price of gold has been forming expectations on further growth of demand. Thus, investment in gold will still remain attractive for a long period of time.

Harutyunyan is sure that striving to secure their savings more and more people will direct their money towards the world "reserve currency" - gold which is especially in demand during the turbulent times. He thinks that today private investors of Armenia prefer not so big ingots -20-25 gr, which ARARATBANK itself has started offering since December 2010, importing them from European countries. He recalled that the bank has been working at the gold ingots market since 2006-2007. ARARATBANK sets the daily marrying price for the gold ingots according to the world prices. The price of a ounce set by ARARTBANK today amounted to $1700.

Besides the standard gold ingots, since June of the current year ARARATBANK has also offered gold accounts with some preferences for clients, which also give an opportunity of extra earning in case of fluctuation of the world prices for gold.
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