Thursday, April 2 2020 17:53

ArmInfo. Gold in Armenia began to rise sharply after the decline in value a week earlier. In general, prices for precious metals in Armenia increased by 13.9%  this week (after a sharp decline in the previous week - by 20.5%).

According to the information of  the State Depository of Precious  Metals and Gemstones Agency at the RA Ministry of Finance , the  agency set the following selling prices for precious metals from  March 30 to April 5, 2020: gram of gold (measured bullion) - 25549.52  drams (change of weekly dynamics from 7.4% decline by 7.6% growth),  silver - 220.80 drams (change in weekly dynamics from 24% decline to  11.3% growth), platinum - 11 254.55 drams (change in weekly dynamics  from 23.7% - decrease by 10.7% increase), and palladium -32 567.42  drams (change in weekly dynamics from 26.9% decline by 26%).

According to international exchanges, April 2, 2020 at 4: 26pm Moscow  time the spot price of a troy ounce of gold was $ 1611.1 (daily  increase by 0.02%), silver - $ 14.51 (daily decline by 0.21%),  platinum - $ 726 (daily decline by 0.27%) and palladium - $ 2173  (daily increase by 0.28%).

The strengthening of the US dollar in the first quarter of this year  puts pressure on the price of gold. However, as KitcoNews reports  citing TDS Bank, the yellow precious metal will receive support for  growth from the policies of some countries' governments, which will  allocate funds to support the economy. The recent recovery in gold  prices has been made possible thanks to inflation expectations due to  the continuation of the policy of "quantitative stimulation" by the  Central banks of some countries of the world. As it became known  recently, the Central Bank of Russia announced the suspension of its  program for the purchase of gold for the country's international  reserves.  This news was generally negative for the gold market.  Recently, the price of gold has been under pressure, even despite the  spread of the virus in many countries of the world. Many investors  began to get rid of their positions in precious metals in order to  receive cash to cover their losses on other assets. In times of  crisis, gold almost always acts as a protective asset. Investors buy  it to save their capital from depreciation, especially if inflation  rises. But the flight of investors into the American dollar puts  pressure on the cost of yellow precious metals. In general, a tense  situation remains in the world, even despite the fact that  governments and central banks are ready to allocate huge financial  resources to combat the consequences of the spread of the virus.  According to analysts, the fear of a recession in the global economy  will incline investors to buy gold, especially if the weakening of  the US economy becomes apparent.