ArmInfo.Precious metals prices continue to rise in Armenia, accelerating the weekly growth rate from 0.5% to 2%. In particular, this week all precious metals showed growth with the exception of palladium, which has maintained a downtrend from the previous week.
According to the "Protection of Precious Metals and Gemstones" information of the RA Ministry of Finance, the agency set the following selling prices for precious metals from April 20 to 26, 2020: gram of gold (measured bullion) - 26,690.39 drams (acceleration of weekly growth from 0.6% to 2, 2%), silver - 240.04 drams (slowdown in weekly growth from 3.5% to 2%), platinum - 12108.68 drams (change in weekly dynamics from 0.2% state loss to 3.9% growth), and palladium - 34,007.87 drams (slowdown of the weekly decline from 6% to 0.3%).
According to international exchanges, April 23, 2020. on 16: 07 Moscow time. the spot price of a troy ounce of gold was $ 1724.2 (daily increase by 0.05%), silver - $ 15.4 (daily decline by 0.13%), platinum - $ 770 (daily decline by 0.13%) and palladium - $ 2048 (no daily change ). Investors who plan to diversify their investment portfolio with gold should be careful, as the cost of precious metals has recently reached a 7-year high. This opinion was expressed by Peter Slip of SevenInvestment Management. This was reported by the portal Gold.ru.
In his opinion, buying gold for a short time will be considered speculative. He does not consider the precious metal reliable protection against the crisis, since the cost of gold is very much dependent on the exchange rate of the American dollar. The fact is that they have an inverse relationship to each other. When the dollar depreciates, the price of gold rises and vice versa. During the crisis, investors prefer the American currency, as it is considered by many as one of the defensive assets. In the face of increased demand for the US dollar, its rate will inevitably grow.
Stewart Clark of Quilter Investors believes that gold, by contrast, will remain an important part of every investment portfolio. "If you want to stabilize investments so that the investment portfolio is not too volatile, then gold can help you with this," the expert said. Buying gold at current levels makes sense only for the long term. Although for some investors, this is not about earnings, but about the preservation of existing capital.
Many precious metal market analysts are positive about the future prospects of gold, as amid the spread of coronavirus, the yellow precious metal will continue to be a protective asset for investors. The gold market will receive support for growth from geopolitical and fiscal decisions of politicians and economists. Even if in the near future there will be a correction of gold, the level of $ 1,650 per ounce will remain a reliable level of support.
