Monday, December 5 2011 20:34
Gold prices up in Armenia
Gold prices up in Armenia
ArmInfo. Gold, silver and palladium rose in prices 2.5% for the current week in Armenia amid insignificant fall of the platinum prices. In fact, average growth of the precious metals totaled 1.7%. The Depository of Precious Metals and Stones of Armenia, the Finance Ministry of Armenia, has established the prices of precious metals for Dec 5-11 2011. Thus, the official price of gold (gold bullions) established for the current week was up 1.7% as compared to the prices for the last week and totaled 21,218.71AMD per gram. Silver price was up 2,2% to 396.47 drams/g, platinum price was up 0.7% to 18,996.19 drams/g, and palladium was up 3.5% to 7,479.54 drams/g.
The Agency reports that as comparing to early January 2011, gold price in Armenia grew 32.3%, silver price - 17%, platinum and palladium fell 4.7% and 14.4% respectively. In average metals grew in price 7.6% since the beginning of the year. For Q1 2011 precious metals grew in price 9.7%, for Q2 - 2.5%, for Q3 3.9%. For the first half precious metals grew in price 12.3% following a tangible growth of silver price (26.5%) and gold price (15.1%), while platinum and palladium grew in price insignificantly - 3%-4%.
In July precious metals grew in price - 4%, gold and silver - by 5.6%, platinum and palladium - by 2.2%. In august (1-29 Aug 2011) precious metals grew in price 5%% following a 14,3% growth of gold price, 5.4% growth of silver prices, 4.9% growth of platinum amid 4.6% decline of palladium price. In Sept precious metals fell in price 5%: gold - 1.2%, silver 7.4%, platinum - 4.2%, palladium - 6.4%. In Q3 gold price grew 15% in average, silver - 6.7%, platinum - 1.2%, with palladium falling 7.4%. In Oct price of precious metals fell 11.3%, in particular, gold - 5.7%, silver - 16.6%, platinum - 12%, palladium - 11%. In Nov precious metals again rose in price 1.6%: gold - 4.2%, silver - 1.8%, platinum- 3.4%, amid 3% decline of palladium price.
By data of international exchanges, as of Dec 5, gold prices were trading steady Monday morning after posting their sharpest weekly rise in more than a month, as the euro zone kicks off a week packed with meetings and decisions crucial to the solution to its debt crisis as well as the euro. As of 13:40 Moscow time, February gold futures fell 0.01% to $1749.4 per ounce at Comex. Earlier, gold rose to $1758.8 per ounce. In 2010 gold price growth was record- breaking - 35%. For Q3 2011 gold price grew 8%, for Oct - 6%.
Although financial markets have rallied recently on a joint move by central banks to inject liquidity as well as hopes for a decisive move by the European leadership to fight the debt crisis, the outcome of the summit is far from certain. "We've witnessed a number of EU summits trying to tackle the problem, but none of them has been particularly effective," said Li Ning, an analyst at Shanghai CIFCO Futures. "Fiscal unity is not something that can be agreed upon at one meeting, as countries have different stands on the issue," Reuters reports. Gold has the potential to move higher in the short term after trading in a tight range around $1,750 in the past few sessions, riding on optimism ahead of the summit, but the rise may be stemmed at the key resistance level at $1,800, Li added. The expert said that it will not be easy to create the "budget union" Angela Merkel was speaking about last week due to different positions of the countries of the Euro zone on the given issue.
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