Monday, December 12 2011 23:12
Precious metals grow in price in Armenia
ArmInfo. Gold, silver and palladium grew in prices 3% for the current week in Armenia amid fall of the platinum prices. In fact, average growth of the precious metals prices totaled 2%. The Depository of Precious Metals and Stones of Armenia, the Finance Ministry of Armenia, has established the prices of precious metals for Dec 12-18 2011. Thus, the official price of gold (gold bullions) established for the current week was up 0.2% as compared to the prices for the last week and totaled 21,255.50AMD per gram. Silver price was up 0.3% to 397.68 drams/g, platinum price was down 1.6% to 18,684.76 drams/g, and palladium was up 8.7% to 8,129.81 drams/g.
The Agency reports that as comparing to early January 2011, gold price in Armenia grew 32.5%, silver price - 17.4%, platinum and palladium fell 6.3% and 6.9% respectively. In average metals grew in price 9.2% 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. In December precious metals grew in price 3.7%, in particular, gold - 1.9%, silver - 2.5%, palladium -12.5%, with platinum falling 2.3%.
By data of international exchanges, as of Dec 12 as of 14:45 Moscow time, February gold futures fell 1.95% to $1683.40 per ounce at Comex. US dollar appreciated 0.71% against the six currencies of the key trade partners of the USA to 79.15 points. The market participants are focusing on the news from Italy where the Finance Ministry placed 12-month government bonds in the amount of 7 billion EUR Monday. The yield fell to 5.952% against 6.087% on Nov 10 placement. The EU Summit in Brussels on December 8-9 affected the placement results. European leaders managed to calm investors with their decision to create a new fiscal union in the Eu involving all the 17 countries of the Eurozone and 9 EU countries. Great Britain was the only country that refused to join the union.
"People are still worried about the economy and euro zone debt crisis and gold remains under pressure," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong, Reuters reports.
In 2010 gold price growth was record- breaking - 35%. For Q3 2011 gold price grew 8%, for Oct - 6%.
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