Gold has risen to a record high on global and Armenian markets. According to the Central Bank, today, 1 gram of 999-grade gold costs 51 thousand 64 drams.
Radar Armenia spoke to economist Suren Parsyan on the topic.
-What is the reason for this increase?
-I should note that the global market determines the price of gold, and this is not an Armenian phenomenon. It is not that the price has increased in Armenia and decreased in Europe. Several factors influence the price of gold. The first is due to economic sanctions and wars, which have created uncertainty in the global market, leading large money holders to prefer holding gold, as it is not an asset subject to sanctions and can be sold or transferred at any time. The second is that several Western countries have imposed sanctions on Russia regarding gold purchases, and Russian gold, for example, enters the same global market through third-party countries, which, in turn, somewhat increases the product's price. The third factor is due to modern technologies, which use large amounts of precious rare metals, thereby sharply increasing global demand for metals.
-Can the freezing of Russian assets also have an impact?
-The freezing of Russian assets has hurt foreign investors, especially the Chinese, for about 200 billion dollars. They have understood that if they keep their money in the same American and European bonds, they may one day face Russia's day if the West decides to impose economic sanctions or enter into an economic war with China. That day is in the near future, with clear signs already evident, and Chinese investors have begun diversifying their investments, moving their money into liquid assets.
-Has there been such a record price in the history of Armenia?
-These are not Armenian prices; they are international. An increase in these prices has been observed worldwide. Yes, we have not seen such prices in our domestic market, nor anywhere in the world, and this definitely affects the gold jewelry market. When the cost of a gold bar or a bill increases, the price of jewelry also increases, and demand for jewelry decreases.
Lilit Abrahamyan
