ArmInfo.Gold in Armenia rises in price against the background of a general decline in prices for precious metals. In particular, this week in general, precious metals fell 0.3%, while gold rose slightly.
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 June 15- 21: gram of gold (measured bullion) - 26614.08 drams (change of weekly dynamics from 0.5% decline to 0.1% growth), silver - 274.14 drams (change in weekly dynamics from 2.8% growth to 1.2% decline), platinum - 12849.34 drams (0.5% decline), and palladium - 30 188.96 drams (change in weekly dynamics from 0.3% decline by 0.4%).
According to international exchanges, June 17, 2020. on 2: 07pm Moscow time the spot price of a troy ounce of gold was $ 1,712 (daily decline by 0.12%), silver - $ 17.54 (no daily change), platinum - $ 811 (no daily change) and palladium - $ 1989 (daily increase by 0.56%).
However, the price of gold can easily exceed $ 1800 per ounce if the rally in the stock market slows down or completely stops. This opinion was expressed in an interview with Kitco News by Philip Newman, director and founder of the analytical company Metals Focus, Gold.ru reports. , the expert voiced. In general, Newman is optimistic about the future prospects of the gold market. At some point, the stock market will stagnate. In addition, the US economy is facing some difficulties. Including the second wave of coronavirus in autumn cannot be ruled out. For this reason, he advises investors to regularly and gradually buy gold, especially during corrections, in order to save their capital from the crisis period in the future.
Currently, the global gold market receives serious support from high institutional demand, primarily from the Central banks of different countries of the world. The Asian region is weak and is recovering from the crisis. This applies primarily to India and China, which account for almost 50% of the global demand for yellow precious metals. As soon as these countries fully recover, the next price rally may begin on the gold market.
