ArmInfo. Precious metals in Armenia were subdivided into 2.6% against 0.8% decrease of last week. The growth of prices has provoked the gold, silver and platinum, and the downward trend is on the rise with the palladium price uptrend.
As reported to ArmInfo by the Agency "State Treasury of Metals and Stones" of RA Ministry of Finance, from 16 to 22 October 2017, following deductible prices on metal are established: grams of gold (slender slices) - 19946.66 AMD (weekly dynamics change from 1,4% decrease to 1,9% growth), silver - 264,54 AMD (weekly dynamics change from 1,4% decrease to 3,1% growth), platinum - 14367.17 AMD (weekly dynamics change from 1,2% decrease to 2,3% growth) and palladium - 14747.15 AMD weekly uptrend increase from 0.6% to 3.2%.
According to the International Monetary Fund, October 18, 2017 at 19:13 PM Moscow time, spot price was $ 1281.7 (daily growth was 0.1%), silver - $ 17.09 (daily growth 0.06%), platinum - $ 926 (no changes) and palladium - $ 96 (without changes). The market for precious metals is dropping today, with the continuing expansion of the USD.
According to a poll of delegates at the LBMA conference, by October 2018, the value of gold could rise to $ 1369 per ounce, silver prices will rise to $ 21.60, the cost of platinum will increase to $ 1072.6, palladium - to $ 1150.4.
The stock market continues to grow, which has a negative impact on the precious metals markets. Gold prices fell to $ 1283 per troy ounce under the influence of the weakening geopolitical tensions in the world. The nearest levels of support in gold are $ 1,290-1,257, resistance levels are $ 1310-1322. Bank Goldman Sachs believes that gold is currently close to the fair value, which, according to the bank, is at $ 1,300 per ounce. According to preliminary estimates, by mid-2018. The price of gold may fall to $ 1200 before the resumption of the upward trend. By the end of 2020 the price of gold could reach $ 1375. The main reason for short-term support for gold is "fear, in particular for advanced economies," and for a long-term growing trend, "wealth" is most relevant for emerging economies.
The prices for silver dropped to $ 16.99 per ounce in correlation with the gold market. The ratio of gold to silver is 75.45 points. The ratio of platinum to silver is 54.92 points. The nearest support levels in silver are $ 16.96-16.62, resistance levels are $ 17.11-17.48.
Prices for platinum fell to the level of $ 927 per ounce in correlation with the gold market. The spread between gold and platinum is $ 355/ounce. The spread between platinum and palladium is $ 45.8/ounce. Platinum remains under additional pressure flowing into palladium consumption. The nearest support levels in platinum are $ 919-907, resistance levels are $ 937-949.
Prices for palladium remain near the level of $ 976 per ounce under the influence of profit-taking by market participants. An additional impetus to the growth of metal received from the additional demand for cars in the US after the hurricane season - it was damaged about 700 thousand cars, which in the next few months will provide additional demand. The palladium market also supports the growth of the global car market: sales growth in China in September was 5.7% in annual terms (+ 4.5% in 9 months 2017). In Europe, sales of cars with a gasoline engine are also growing. The nearest support levels in palladium are $ 972-957, resistance levels are $ 986-1004.
Stocks in gold and platinum ETF-funds have grown, stocks in silver and palladium ETF-funds have increased.