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World Gold Prices Fell to its Minimum But not in Georgia

Gold price has  fallen  to its minimum since November 2015.The price of gold on the New York Stock Exchange fell by 6% and amounted to $ 1 252, 4 per ounce, a similar trend is observed with silver prices, which also fell by 9, 6%.

 The experts of the Investment Bank “Goldman Sachs” believe that the fall in prices for precious metals is primarily due to the expected decline in the base rate by the United States Federal Reserve in December.

According to experts of the bank, if the price of gold falls to $ 1 250 an ounce, it will give an opportunity to increase investments in precious metals, and the demand for gold will not decrease, regardless of the decision of the Federal Reserve.

Investors say  that the downward trend in the price of gold will continue in the future, as the growth of activity in the labor market and the US service sector shows that the global economy is coming out of stagnation.

How does the Georgian gold market respond to this?

“Commersant”  was told by the gold dealers that  Georgia doesn’t see  any  significant changes, and the price of gold, as well as other precious metals, remains the same.

 “We have not  changed the price for a long time, an average gram of gold costs  GEL 56 to 98, depending on the quality. Gold depreciates by GEL 1-2, then the price returns to the previous level,”- they claim.

According to  the jewelry company “Zarapxana”, the price of gold in Georgia is not declining, but on the contrary, growing.

The price  of the final product is the same. So far no price reduction is expected, “- they say in the  company.