RA State Treasury: Price increase for precious metals continues

ArmInfo. Precious metals in Armenia rise in price for the seventh week in a row. So this week prices rose by 1.7% against 1.3% a week earlier. The positive dynamics of prices for precious metals was provoked by gold, silver and platinum, which sharply accelerated growth rates, against which palladium, on the contrary, slowed down the pace of ascent.

The following selling prices for precious metals were established from September 4 to 6, 2017: gold gram (measured bars) - 20224,08 AMD (acceleration of weekly growth from 0.5% up to 2%), silver - 268, 89 (acceleration of weekly growth from 0.8% to 2.6%), platinum - 15291.26 (acceleration of weekly growth from 0.9% to 1%), and palladium - 14439.62 (slowing the weekly growth from 3.1% to 0.3%).

According to international exchanges, September 6, 2017g. at 15:07 Moscow time. The spot price of a troy ounce of gold was $ 1339.9 (daily decline by 0.03%), silver - $ 18.03 (without diurnal changes), platinum - $ 1017 (without daily changes) and palladium - $ 965 (daily decline of 0.1%). Today the precious metal markets continue to grow under the influence of the weakening US dollar and the growth of investment demand. Representatives of the US Federal Reserve are increasingly cautious in favor of continuing to raise interest rates this year amid falling inflation.

Gold prices rose to $ 1349 per troy ounce, responding to geopolitical factors, and then adjusted down to $ 1345. Trading activity in the market grew after the start of trading in the US. The nearest levels of support in gold are $ 1340-1312, resistance levels are $ 1349-1357. According to Goldman Sachs, the value of gold at the end of 2017 can make $ 1250/ounce in view of decrease in escalation of the conflict around North Korea. Nevertheless, the market sees military escalation as a significant risk. At the same time, a weak dollar is the main reason for the recent rally in gold, and a decrease in the probability of stopping the work of the US government to 15% will have a negative impact on the gold market.

Silver prices rose to $ 18.09 per ounce in correlation with the gold market, after which they fell to $ 17.95, but again recovered to $ 18.05. The silver market is supported by the cutting production of metal. The ratio of gold to silver is 74.84 points. The ratio of platinum to silver is 56.33 points. The nearest support levels in silver are $ 17.85-17.50, resistance levels are $ 18.10-18.53.

Prices for platinum tested several times below the level of $ 1016 per ounce, from which they dropped to $ 1004-1008 and again rose to $ 1013. The spread between gold and platinum is $ 332/ounce. The spread between platinum and palladium is $ 48/ounce. The nearest support levels in platinum are $ 1000-984, resistance levels are $ 1018-1037. According to the published report of WPIC, the platinum market at the end of the second quarter of 2017 went over to the excess of +75 thousand ounces against the deficit at the end of the first quarter of 2017. in the amount of -350 thousand ounces due to the decline in automotive, jewelry and industrial demand. The offer of platinum for the II quarter of 2017. increased by 15% to 2,035 million ounces, both due to production growth, and due to the increase in recycling. World consumption of platinum for the II quarter of 2017 decreased by 5.5% to 1.960 million ounces. The influx of demand was observed only in purchases of platinum coins and ingots. At the end of 2017 it is expected to reduce the deficit in the world market of platinum to -15 thousand ounces due to the fact that the overall decline in the consumption of platinum for 2017 is expected to be 6.1%. The largest drop in consumption is expected in China (-8% y/y in jewelry demand) and Western Europe (-2% y/y in the automotive industry), and the decrease in purchases of platinum ingots in Japan is also expected. In this case, the total supply of metal will also decrease.

Prices for palladium rose to $ 988, after which they dropped sharply to $ 959 per ounce. The nearest support levels in palladium are $ 952-930, resistance levels are $ 975-997. Stocks of precious metals ETF- funds today have not changed. At the same time, GFMS reports an increase in the inflow in August 2017.  in the North American funds 27.8 tons of gold, in the European - 6.4 tons and a decrease in the reserves of Asian gold ETF-funds by 2 tons. The main inflows of stocks fell on SPDRR Gold Shares, Source Physical Gold and ETFs Physical Gold. Total gold reserves in ETF-funds in 2017. reached 2295 tons, which is 5.5% higher than in 2016.