ArmInfo. Gold price in Armenia, after a slight increase last week, began to decline. According to the information provided by "Protection of Precious Metals and Gemstones" of the RA Ministry of Finance,
from March 23 to 29, 2020 the agency set the following selling prices for precious metals: gram of gold (measured bullion) - 23 736.26 drams (change in weekly dynamics from 1.3% - growth by 7.4% decline), silver - 198.42 drams (acceleration of the weekly decline from 1.3% to 24%), platinum - 10 167.75 drams (acceleration of the weekly decline from 0.9% to 23, 7%), and palladium - 25 848.78 drams (acceleration of the weekly decline from 8.5% to 26.9%).
Thus, prices for precious metals in Armenia fell by an average of 20.5% per week.
According to international exchanges, March 24, 2020. at 00: 01 Moscow time the spot price of a troy ounce of gold was $ 1667.3 (daily decline by 0.11%), silver - $ 14.05 (daily increase by 0.07%), platinum - $ 686 (daily decline by 0.15%) and palladium - $ 2028 (daily decline by 0.1%).
According to analysts at finnCap, now is a good time to start investing in gold, as the world is in the initial stages of an economic crisis. At best, the global economy will slow down. So far, investors are expecting, although in the face of low interest rates, demand for gold can grow significantly. Many investors see yellow precious metal as an asset to diversify their investment portfolio.
In addition, during the previous financial crisis, the value of gold showed a significant increase. Between 2008 and 2011 the price of gold increased 3-fold, while the stock market could only recover during this time.
Another supporting factor for the price of gold is the limited supply of yellow precious metals in the world. According to exploration data, the world's gold reserves have decreased, and the number of new deposits has decreased significantly.
