07 January, 2008

Today gold is sold at $20-22 per a gramme at Armenian
markets. Tradespeople explain the stiff prices with the recent increase
of oil prices and dollar devaluation.

"It is two days gold prices have gone up from $18 to $22. The rise
was a real shock for us," people say.

Economist Edward Aghajanov says gold prices have marked up because
of dollar devaluation.

"The recent rise in oil price hardly affects gold prices. The rise
is rather determined by dollar depreciation than by oil price. Gold
prices and dollar rate are interrelated: when the dollar shoots up
gold price goes down," he says.

Edward Aghajanov ruled out further rise in gold prices in Armenia.