ArmInfo. In Armenia, prices for precious metals have accelerated the growth rate - from 2.6% last week to 6.2% this week. Moreover, a significant acceleration in price growth was observed for platinum and palladium, relatively moderate for silver, against which the cost of gold remained almost unchanged.
According to the information of the State Depository of Precious Metals and Gemstones Agency at the RA Ministry of Finance from May 25 to May 31, 2020 established the following selling price for precious metals: gram of gold (measured bullion) - 26943.24 AMD (slowdown in weekly growth from 1.6% to 0.2%), silver - 267.02 AMD (acceleration of weekly growth from 5.6% to 8.8%), platinum - 12,878.77 AMD (acceleration of weekly growth from 1.9% to 7.3%), and palladium - 31155.83 AMD (acceleration of weekly growth from 1.3% to 8.5%).
According to international exchanges, May 27, 2020 at 3:33pm Moscow time the spot price of a troy ounce of gold was $ 1700.2 (daily decline by 0.16%), silver - $ 17.16 (daily decline by 0.23%), platinum - $ 829 (without daily changes) and palladium - $ 2037 (daily decline by 0.15% ).
According to the portal Gold.ru, analysts at most banks still believe that precious metals have great potential for further growth. The fact is that their number cannot be increased in a few days, unlike fiat money. Paper currencies are subject to gradual depreciation due to the regular printing of new money by the central banks.
Analysts at JP Morgan Bank believe that in the coming years we will see an increase in the risk of currency devaluation, which will be accelerated by monetary and political measures to combat the spread of COVID- 19. In this situation, gold will be the only winner.
They recommend that investors gradually build up their positions in the yellow precious metal, using each correction for this. The cost of gold is on the way to new records, which lie above the mark of $ 1900 per ounce. In many world currencies, gold has already updated its value record. Now investors are waiting for this to happen in US currency.