Wednesday, May 24 2017 20:02

ArmInfo. In Armenia, prices for precious metals have increased after a three-week rally down. So, this week prices for precious metals increased  by 1.1%, versus  the similar decline in the previous week. And, downward dynamics continues to show only palladium, while gold, silver and platinum sharply reached an upward trend.

According to Armenian Finance Ministry State Depository for Precious Metals, from May 22-28 2017 the following selling prices for precious metals were fixed: gold gram (measured ingots) - 19350.16 AMD (change of weekly dynamics from 1.6% decline to 1.4% growth), silver - 260.42 AMD (weekly change of dynamics  from 2.2% decline to 2.6% growth), platinum - 14547.65 AMD (change of weekly dynamics from 0.3% decline to 2.5% growth) and palladium - 12247 , 85 AMD (acceleration of the weekly decline from 0.2% to 2.3%).

According to international exchanges, May 24, 2017 at 17:33 Moscow time spot price of a troy ounce of gold was $ 1253.9 (without diurnal changes), silver - $ 17.19 (without diurnal changes), platinum - $ 949 (without diurnal changes), and palladium - $ 766 (without diurnal changes). Today, precious metal markets are falling under the influence US dollar strengthening. General optimism reigned on the US stock market after the introduction of a budget, which implies an increase in the cost of infrastructure facilities. Political instability remains quite high, but markets do not pay much attention, in anticipation of the US Federal Reserve  actions in June.

Gold prices were unable to pass a strong resistance level of $ 1265 per ounce and dropped to $ 1247, after which they grew to $ 1252. The nearest levels of support in gold are $ 1247- $ 1220, resistance levels are $ 1265- $ 1279. According to the World Gold Council, the demand for gold in India in 2017 will be 650-750 tons against 674 tons in 2016. The decline in demand after the introduction of the GST tax is possible, but the industry will adapt to the new tax in 12-18 months. The share of organized players in the gold market in India in recent years has grown to 30%. According to representatives of retail jewelry, the government will develop a comprehensive policy regarding the withholding of GST from the purchase of gold, in order to promote gold as a savings product through banks. Export of gold from Switzerland in April 2017 amounted to 121.3 tons, which is 13.2% lower than in March 2017. The largest recipient of gold was India (48.3 tons) and China (40.3 tons), exports to Britain fell to 927 tons. According to the Swiss customs statistics, the import of gold into the country in April 2017g. Amounted to 157.9 tons, which is 19.4% lower than in March 2017. The largest suppliers of gold to Switzerland were Hong Kong and the United Arab Emirates.

Silver prices in correlation with the gold market rose to $ 17,305 per ounce, after which they dropped to $ 17.02. The ratio of gold to silver is 73.30 points. The ratio of platinum to silver is 55.63 points. The nearest support levels in silver are $ 16.90- $ 16.60, resistance levels are $ 17.17- $ 17.30. According to Metal Focus, the import of silver bars to India in April 2017 rose to 600 tons against 360 tons in March 2017, bringing the total silver imports to the country in 4 months. 2017g. Amounted to 1,535 tons (1,503 tons in the same period in 2016).

Prices for platinum rose to $ 959.4 per ounce in correlation with the gold market, after which they fell to the level of $ 943. P and C between gold and platinum is $ 310 / oz. P and C between platinum and palladium expanded to $ 169.5 / ounce. The nearest support levels in platinum are $ 940- $ 929, resistance levels are $ 959- $ 966. According to customs statistics in Switzerland, the import of platinum into the country in April 2017. Amounted to 801 tons against 1689 tons in March 2017. Export of platinum was 1553 tons against 1214 tons in March 2017.

Prices for palladium recovered to $ 771.8 per ounce in correlation with the growth of the US stock market.  The nearest support levels in palladium are $ 760- $ 737, resistance levels are $ 775- $ 800. Import of palladium in April 2017 to Switzerland did not change by March 2017. And amounted to 475 tons. Export of palladium in April 2017 amounted to 843 tons against 717 tons in March 2017.  Stocks in gold, silver and platinum ETF funds have grown, stocks in palladium ETF funds declined.