Wednesday, January 24 2018 20:15
Alina Hovhannisyan

State Treasury increased prices for precious metals by 1.1%

State Treasury increased prices for precious metals by 1.1%

ArmInfo. Prices for precious metals increased by 1.1% this week, against 0.7% growth in the previous week, which was due to accelerated growth in prices for gold, platinum and palladium, as well as a change in the trend of silver from the descending to the ascending trend.

As reported to ArmInfo agency in the Agency of "Gokhran precious metals and stones" of the RA Ministry of Finance, from January 22 to 28, 2018 the following selling prices for precious metals were established:  gold gram (measured bars) - 20695.36 AMD (acceleration of weekly growth from 0.4% up to 0.8%), silver - 266.04 AMD (change of weekly dynamics from 0.1% decline to 0.04% growth), platinum - 15 509.47 AMD (acceleration of weekly growth from 2.3% % to 2.4%), and palladium - 17225.25 AMD (acceleration of weekly growth from 0.2% to 1.3%).

According to international exchanges, January 24, 2017 at 16: 07msc, the spot price of the troy ounce of gold was $ 1353.5 (daily decline by 0, 01%), silver - $ 17.43 (without diurnal changes), platinum - $ 1020 (daily decline of 0, 2%) and palladium - $ 1099 (daily decline by 0.09%).

Precious metals markets today show significant growth rates due to the sharp weakening of the US dollar, whose rate fell to a 4-year low, in anticipation of the gradual winding down by the largest central banks of an enabling monetary policy. In addition, the probability of raising the interest rate of the US Federal Reserve in the course of the March meeting increased.

Due to low volatility and increased risk in all other classes of assets, it is expected that in 2018 preference will be given to precious metals. In this case, gold will win from silver, as it has a stronger insurance function. Precious metals with a large share of industrial applications may suffer from protectionism.

Gold prices almost reached a strong resistance level of $ 1,350 per troy ounce, after which they dropped to $ 1349. When the market moves upwards to $ 1350, the probability of price growth to the level of $ 1,400 will increase. The nearest levels of support in gold are $ 1340-1332, resistance levels - $ 1352-1396.

Prices for silver in correlation with the gold market declined to $ 16.77 per ounce, after which they rose to $ 17.22. The ratio of gold to silver is 78.68 points. It is expected that this ratio will be narrowed due to the acceleration of the rate of increase in prices for silver. The ratio of platinum to silver is 58.77 points. The nearest support levels in silver are $ 17.06-16.77, resistance levels are $ 17.25-17.50.

Prices for platinum in correlation with the gold market recovered again to the level of $ 1,020 per ounce, after which they were slightly corrected downwards. The spread between gold and platinum is $ 335/ounce.  The spread between platinum and palladium narrowed to - $ 86/ounce. The nearest support levels in platinum are $ 1010-993, resistance levels are $ 1025-1032.

Prices for palladium after the decline to $ 1082 per ounce again rose to $ 1098. The growing trend is showing more signs of scrapping. The nearest support levels in palladium are $ 1082-1060, resistance levels are $ 1100-1120.

Stocks in gold ETF-funds have grown, stocks in ETF-funds of other precious metals have significantly decreased.

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