Precious metals continue to drop in price in Armenia

 

As the Armenian State Depository of Precious Metals and Precious Stones of the Armenian Ministry of Finance told ArmInfo the following prices have been fixed for the precious stones between February 29 and March 6: the price of gold in Armenia (small gold bullions) is fixed at 19406,06 AMD (0.5% weekly growth from previous 0.4%), silver in Armenia costs 240,12 AMD, (1.5% drop over week from previous 0.3% drop). Within the period under review, platinum costs 14726,76 AMD, dropping in price by 1.4% over week versus previous 0.5% growth, and palladium-7823,44 AMD, dropping in price by 3.3% over week versus previous 1.1% drop. 

 

According to data of international stock exchange, as of March 3, 2016, 2:17 pm by Moscow time, the spot price of gold totaled 1242,9 USD, silver prices-15.02 USD, platinum-942 USD and palladium prices- 524 USD.

 

Russian analysts forecast that palladium will rise in price by 5-7% in 2016 (to 850 USD for 1 ounce) and the price will continue rising in future. World resources of this metal are declining year-by-year while the demand for it (mainly from industrial companies) grows. 

Consequently, the prices will grow. Thus, according to the experts palladium market should be taken a closer look. The analysts are sure that the price for 1 ounce of silver will be higher in 2016 compared to its current price. It is anticipated that the price will rise to 30 USD for 1 ounce. However, there is another forecast as well. The experts of HSB bank, which is one of the largest world banks, are sure that the price for this metal will drop to up to 21 USD for 1 

ounce.