Mon, 28 July
29.1 C
Yerevan
USD: 383.94 RUB: 4.85 EUR: 450.25 GEL: 141.78 GBP: 516.63

Metals market: Prices for precious metals still fluctuating

YEREVAN, May 17. /ARKA/. On Wednesday, May 16, quotes for precious metals shrank due to unchanged concerns around the euro zone’s debt crisis and strong U.S. dollar. Gold and silver prices tumbled to the minimum benchmarks: gold to 1,527.04 USD, and silver- 26.766 USD per troy ounce.

European politicians are still not sure if Greece should stay within the euro zone. Greece is to face new elections after it failed to form a coalition government. However, the country may lose financial support from the international community. Thus, investors, concerned about possible outcomes of such scenario, preferred buying U.S. dollar rather than euro, pushing the quotes to fall.

Nevertheless, the precious metals could recover their losses due to successful auction of French and German bonds. Reduced yield of Spanish debt commitments also fostered rise in risky assets’ quotes. Also the U.S. Federal Reserve’s protocol released from the last session didn’t state any decisions to undertake new measures on economy stimulation.

As a result, gold prices slightly dropped to 1,542.83 USD per troy ounce, and silver lost 1.21% reaching 27.326 USD per troy ounce.

On Thursday, during the Asian trading session the prices for precious metals climbed due to cautious purchases and stabilization of the main currency pair. Nevertheless, the quotes remain non-stable because of the concerns around Greece.

The quotes for precious metals will mainly depend on U.S. dollar’s dynamics. If it continues growing the quotes will go down. U.S. macroeconomic statistics, particularly the number of initial unemployment allowance applications per week, and May manufacturing activity index from Philadelphia Federal Reserve may also impact the prices.

If the forecasts are justified, and the USA issues positive data, quotes may increase. Anticipated fluctuation range of gold on Thursday may be 1,533.0 – 1,565.0 USD per troy ounce, and silver- 27.00-28.16 USD per troy ounce.

Mikael Verdyan, an analyst at FOREX CLUB, specially for ARKA news agency.
The opinion of the author does not necessarily reflect that of the agency.—0–

spot_img

POPULAR

Fitch expects inflation in Armenia to remain within the target level until 2027

International rating agency Fitch expects inflation in Armenia to remain within the target level until 2027, although soft fiscal policy and the projected moderate weakening of the dram create certain risks.

Fitch forecasts Armenia to tighten fiscal policy after 2027

Fitch Ratings analysts forecast a tightening of fiscal policy by the republic's authorities in a new report on Armenia.

A scheme for stealing funds through fake investment platforms  exposed in Yerevan

A criminal group operating in one of the capital's business centers and stealing citizens' money through Internet calls has been exposed in Armenia, the Investigative Committee of Armenia reports.

Armenia and EIB sign financial agreement for Resilient Syunik Program worth €50 million

A financial agreement for the Armenia-Sustainable Syunik Program has been signed in Luxembourg by Armenian Minister of Finance Vahe Hovhannisyan and Vice President of the European Investment Bank (EIB) Teresa Czerwińska.

Armenia’s economy to stabilize on 5.5% growth trajectory in 2025 – EDB forecast

According to EDB forecasts, Armenia's economy will stabilize on a 5.5% growth trajectory with domestic demand remaining the main driver of development.

LATEST NEWS

spot_imgspot_imgspot_img