GOLD, SILVER AND PLATINUM PRICES IN ARMENIA SUFFER UNPRECEDENTED DECLINE FOR 2008

ArmInfo
2008-11-04 17:15:00

ArmInfo. Ex-factory gold price (gold bullions) in Armenia was down
to the unprecedented level for over the current year – 7,285.79
as against 8,363.49 drams at the beginning of the year (13%). Gold
price slipped by 2.3% as compared to the previous week and by 11%
over the last two weeks, the Depository of Precious Metals and Stones
of Armenia told ArmInfo.

Silver price slipped by 38.3% since the beginning of the year to
91.84 drams/1 g and by 3.2% as against the previous week.

Platinum price was down 48% as compared to the beginning of the year to
7,886.84AMD/g, and 8% as against the previous week. Palladium price
was up 5.5% to 1.851.96 drams/1 g as against the previous week but
down 49% since the beginning of the year.

Experts say the precious metals fall in price due to the revaluation of
US dollar in the international market and decline of petroleum price.

Appreciation of US dollar makes gold less attractive investors as an
alternative asset for investors using it to hedge inflation risks.