Financial news

Quotations increase at precious metals market. Precious metals market review. 9 October 2007

As of 9 October the situation at precious metals market was characterized by rates increase. Today during morning trade session in Asia the gold was traded at the level $728,00-$732,00 per ounce. At the opening of New York commodity exchange the gold at bids was at the level $729,00, and in 2 hours raised up to the mark $736,00 per troy ounce. 8 October at commodity exchange in New York the closing was fixed at the figure $732,60 per ounce.

According to the results of yesterday bid at gold market the price of December future decreased. Foreign currency participants purchased American currency, considering the market was resold against the background of forecasts on discount rate. For the recent time the market is worried about situation with euro and yesterday euro decrease caused a negative reaction of gold market. Price for oil also played here its role. On Monday the USA and Japan celebrated their national holidays that was why the work of markets was not very active and was characterized by weak participation. According to the opinion of traders the gold market stays under control of "bulls" whose aims — achievement of the mark $800,00 per troy ounce — still remain the same. US dollar, most probably, will also further promote the interest to "yellow metal" purchase at the expense of new decreases of its rate.

London morning fixing 9 October made up $728,8 per ounce, whereas the rate of the National Bank of Ukraine was set at the mark $736,5 per ounce.

Comments of Roman Valesyuk, Senior Vice Chairman of the Board of JSCB "PRAVEX-BANK"