ArmInfo. The prices for precious metals decreased by 0.1% this week, against a 4.3% growth a week earlier, which was caused by a change in the trend of silver and platinum prices from upward to downward, a slowdown in the growth of palladium prices amid an accelerated rise in the price of gold.
As ArmInfo was informed in the State Depository of Precious Metals and Gemstones Agency of the RA Ministry of Finance, from March 2 to March 8, 2020, the following selling prices for precious metals were set: gram of gold (weighted bullion) - 25,356.23 drams (accelerating weekly growth from 2% to 2.7%), silver - 278.07 drams (reversal of weekly dynamics from 2.8% growth by 0.6% decline), platinum - 14 305.35 drams (change of weekly dynamics from 2% growth by 5.8% decline), and palladium - 41 772.21 drams (slowdown in weekly growth from 10.3% to 3.3%).
According to international exchanges, as of March 3, 2020. 1: 46pm Moscow time the spot price of a troy ounce of gold was $ 1,599.9 (without daily changes), silver - $ 16.91 (daily decline by 0.12%), platinum - $ 847 (daily decline by 0.11%) and palladium - $ 2,552 (daily decline by 0, 04%).
To note, American analysts are optimistic and believe that in 2020 the cost of gold will increase, but not significantly, even despite the growth of imports of this metal by China. European colleagues believe that the price has reached its maximum, and the period of growth will be replaced by stability or decrease slightly, the basis is the strong influence of the decisions of the Federal Reserve System regarding interest rates.
The decline in silver production continues and this, according to most European and American experts, will lead to lower demand and prices. But Russian experts believe that amid a decrease in the production of this metal, there will be an increase in value.
With regards to platinum, European reputable sources believe that if there is a decrease in the market, it will be insignificant, the decline will continue, and the production of this metal will decrease. But American sources do not show unity and the majority believes that the period of decline will be replaced by an increase in prices, the reason is a shortage of supply.
