Friday, September 29 2017 20:43
Alina Hovhannisyan

Armenian State Treasury cut prices for precious metals by 2.7%

Armenian State Treasury cut prices for precious metals by 2.7%

ArmInfo. This week, precious metals in Armenia fell by 2.7%, against the 1.5% decline a week earlier. Accelerating the rate of decline in prices for precious metals provoked platinum, silver and gold, while palladium slowed the downtrend.

The Ministry of Finance of Armenia told ArmInfo in "precious metals and stones" Agency that the following selling prices for precious metals were established from September 25 to October 1, 2017: gold gram (measured ingots) - 20069,47 AMD (acceleration of the weekly decline from 0,8%), silver - 264.50 AMD (acceleration of the weekly decline from 0.5% to 3.3%), platinum - 14583.37 AMD (acceleration of the weekly decline from 2.4% to 3.7%), and palladium - 14128.98 (slowing down the weekly decline from 2.5% to 2%).

According to international exchanges, September 29, 2017 at 17:26 Moscow time the spot price of the troy ounce of gold was $ 1284.7 (daily decline by 0.01%), silver - $ 16.81 (daily decline of 0.06%), platinum - $ 921 (daily growth of 0.11%) and palladium - $ 935 (without diurnal changes). The precious metal markets are growing today under the influence of the weakening USD. The current week was marked by a significant strengthening of the US currency under the influence of Janet Yellen's speech and the tax reform proposed by Donald Trump, suggesting a significant tax cut. In this regard, market participants begin to strongly doubt the easy passage of reform through Congress, which puts pressure on the USD.

Gold prices recovered to $ 1,292 per troy ounce, but the market as a whole remains weak. The nearest levels of support in gold are $ 1280-1272, resistance levels - $ 1292-1301.

Prices for silver rose to $ 16.90 an ounce, after which they dropped to $ 16.87 in correlation with the gold market. The ratio of gold to silver is 76.35 points. The ratio of platinum to silver is 54.94 points. The nearest support levels in silver are $ 16.70-16.65, resistance levels are $ 16.92-17.30.

Prices for platinum recovered to $ 930 per ounce, after which they fell to $ 927 in correlation with the gold market and under the influence of spread trading. The spread between gold and platinum is $ 367/ounce.  The spread between platinum and palladium narrowed slightly and amounted to $ 9.5/ounce. The nearest support levels in platinum are $ 918-900, resistance levels are $ 930-946.

Prices for palladium recovered to $ 938 an ounce under the influence of spread trading. Metal is supported by increased demand from the automotive industry, especially in China and Europe. The nearest support levels in palladium are $ 929-906, resistance levels are $ 938-945.

Stocks in gold and palladium ETF funds have grown, stocks in other ETF-funds of precious metals have not changed.


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