Platinum rose in price resulting in increase of prices on precious stones by 3%

ArmInfo. Since the beginning of February prices on precious stones increased by 3% in average, which has been mainly determined by the sharp rise in prices of platinum amid continuing growth of gold price, the Armenian State Depository for Precious Metals and Precious Stones told ArmInfo.

According to the source, the following prices have been fixed for the precious stones between February 1 and February 7: the price of gold in Armenia (small gold bullions) is fixed at 17487,48 AMD (2.7% weekly growth), silver in Armenia costs 221.89 AMD, (1.6% growth over week). Within the period under review, platinum costs 13636,13 AMD, up in price by 6.3% over week, and palladium-7795, 56AMD, rising in price by 1% over week.

In annual term (the first week of 2016 compared to the same period of 2015) precious stones dropped in prices by 23% in average, mainly due to drop of palladium and platinum prices by 34% and 28.7% respectively, amid less significant drop of gold and silver prices by 10% and 17.8% respectively.

According to data of international stock exchange, as of February 4, 2016, 5.53 pm, the spot price of gold totaled 1155,6 USD (without daily changes), silver prices-14.97 USD, platinum-903 USD (with insignificant up by 0.11% per day) and palladium prices- 512 USD.

The US analysts are optimistic and think that gold in 2016 will rise in price, but not significantly, even taking into account increase of import of this metal by China. Europeans think that the gold price reached its maximum and the period of growth will be substituted by a stable period or the price will decrease insignificantly. Russians forecast that the price on gold will continue growing at the background of political situation. According to them, Russia and China have been seeking ways of getting rid of USD dependence and this will have its impact. The decline of silver production continues and this will lead to decline of demand, and the price of silver will fall, most of European and US experts think Russian experts think that the price will grow amid reduction of silver output. European experts think that platinum prices will fall insignificantly, and its output will also decline while most of US experts think that growth of prices based on the deficit of supply will follow the period of decline.