Experts divided over impact of world gold price plunge on Armenia’s economy

26.09.2011 19:08
Experts divided over impact of world gold price plunge on Armenia’s economy

YEREVAN, September 26. /ARKA/. Armenian experts are divided over whether the recent precipitous fall in gold prices in world markets can impact Armenia’s economy.

Mikael Verdyan, FOREX CLUB analyst, has told ARKA News Agency that the plummeting gold prices are unlikely to have dramatic impact on Armenia’s economy and banking capital, since demand for gold bullions in the country is low.
At the same time, he said that pressures on gold are likely to remain this week.

Unlike Verdyan, Karen Turyan, director of ArmSwissbank’s investment division, thinks the fall in gold prices was triggered by precipitously increased demand for the dollar and fears this may lead to a double-dip global crisis, which will affect the Armenian economy.

Gold prices keep going down at COMEX in New York. Gold here is now being traded between $1,546.3 and 1,666.3 per one troy oz. Gold prices at Hong Kong stock exchange plummeted today as well.

One troy oz is traded here at $1,597 on spot deals (immediate delivery for cash), foreign media outlets report.

On Friday, gold at New York’s COMEX dropped 6% to $1,700 /oz – the record low since the beginning of August.

Troy ounce at COMEX became cheaper by 101.9 on Friday, and its official price on active futures (December) was $1,639.8/oz – the lowest price since the beginning of August. -0-


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