Wednesday, August 9 2017 18:23
Alina Hovhannisyan

Prices for precious metals in Armenia accelerated growth rates from 1% to 1.9%

Prices for precious metals in Armenia accelerated growth rates from 1% to 1.9%

ArmInfo. Prices for precious metals in Armenia accelerated the upward weekly trend from 1% to 1.9%. Moreover, similar dynamics came from industrial precious metals - platinum and palladium, while prices for gold and silver slowed the growth rate.

As the agency "State treasury of precious metals and stones" of the RA Ministry of Finance reported to ArmInfo, from August 7 to August 13, 2017 the following selling prices for precious metals were established: gram of gold (measured bars) - 19495.51 drams (slowing the weekly growth from 1.3% up to 0.9%), silver - 256.62 drams (slowing the weekly growth from 1.9% to 1.2%), platinum - 14592.91 drams (acceleration of weekly growth from 0.3% to 2.2%), and palladium - 13716.76 drams (acceleration of weekly growth from 0.4% to 3.3%).

According to international exchanges, August 9, 2017 at 16:53 Moscow time, spot price of a troy ounce of gold was $ 1273 (daily growth of 0.03%), silver - $ 16. 87 (without diurnal changes), platinum - $ 979 (without diurnal changes) and palladium - $ 889 (daily decline of 0.11%). Today, precious metal markets are growing again under the influence of escalating political tensions around North Korea. Growth does not prevent even some strengthening of the US dollar.

Gold prices fell yesterday to the support level of $ 1258 per troy ounce, but rose sharply to $ 1275 after the exchange of sharp remarks by representatives of the DPRK and the United States, while the activity of trade remains seasonally weak. The nearest levels of support in gold are $ 1258-1248, resistance levels - $ 1275-1296.

Silver prices yesterday were close to $ 16.25 per ounce, after which they recovered to $ 16.63 in correlation with the gold market. The ratio of gold to silver is 76.59 points. The ratio of platinum to silver is 58.92 points. The nearest support levels in silver are $ 16.09-95.95, resistance levels are $ 16.70- 17.0.

Platinum prices after yesterday's growth to $ 982 per ounce dropped sharply to $ 970, but rebounded to $ 980 in correlation with other precious metals markets. The spread between gold and platinum is $ 293 / ounce. The spread between platinum and palladium narrowed to $ 70 / ounce. The nearest support levels in platinum are $ 969-946, resistance levels are $ 983-990.

Prices for palladium recovered to $ 889 an ounce after a decline to $ 882, after which they again fell to $ 896. The nearest support levels in palladium are $ 865-835, resistance levels are $ 899-913.

Stocks in the silver ETF funds fell, stocks in other funds did not change. World Gold Council (WGC) states: As of the end of July, the volume of gold in ETF (exchange traded funds - exchange-traded funds) and similar products amounted to 2.245 thousand tons (72.2 million ounces), which is 67.7 tons (3%) Less than the level of the previous month. In monetary terms, gold valuation in the ETF declined by 1% to $ 91.5 billion. The main outflow was in North American and European funds, the volume of gold there fell by 60.6 tons (to 1 thousand 166.1 tons) and by 6, 8 tons (up to 970.9 tons), respectively. In Asia, there was an inflow of gold in the ETF in the amount of 0.7 tons - up to 62.5 tons.

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