ArmInfo. Gold prices have risen significantly in Armenia recently.
Armenian experts believe this increase is due to the global rise in the precious metal. In the middle of this year, the global market set a new record, with the price of a troy ounce reaching over $3,500. This led to a rise in prices in the domestic market, which in turn led to a decline in sales, despite gold always being considered a stable asset.
As economist Suren Parsyan noted in an interview with ArmInfo, the economic wars waged by the administration of US President Donald Trump have sharply increased demand for gold. The American leader imposed high customs duties on a number of countries, leading to significant uncertainty. China and India, for example, have begun converting their assets into gold amid the tariff war with the US, placing additional strain on the market. The sanctions imposed by the West on Russia, including those targeting Russian gold, also played a significant role. Russia began exporting it through third countries, including Armenia. Information technology was another factor driving gold prices. In particular, the production of microchips requires a significant amount of gold. All of these factors led to the rise in gold prices. The economist believes that gold is primarily held by wealthy individuals in the country, who see it as a "safe haven" for their capital, despite certain risks associated with rising or falling prices. In any case, Parsyan pointed to the alternative of buying company shares or government treasury bonds.
Speaking about the possible long-term impact of the Amulsar gold mine on the gold market, the economist noted that any impact would be very limited. The mine intends to export $700 million worth of gold, which precludes any significant impact on the market.
In turn, economist Aghasi Tavadyan, founder of the data processing company Tvyal.com, speaking about the impact of rising prices on financial markets, noted its insignificant impact. According to him, the price of commodities in terms of gold remains stable. For example, the price of real estate denominated in gold has not changed significantly and will remain unchanged in the long term.
It is worth noting that, according to industry professionals interviewed by ArmInfo, sharp fluctuations in gold prices have been observed on the Armenian market for the first time in many years over the past three days. Three days ago, the price of 1 gram of gold was $128, after which it sharply increased to $140. Such a significant increase in a short period has never been observed before.
