Financial news

Fluctuation of price level at precious metals market. Precious metals market review. 25 September 2007

As of 25 September the situation at precious metals market was characterized by prices level fluctuation. Today during the morning trade session in Asia the gold was characterized by decrease of quotations at the level $728,00-$725,00 per ounce. At the opening of New York commodity exchange the gold at the bid was at the level $725,00, and in two hours increased by the level $729,00. 24 September at New York commodity exchange the closing was fixed at the figure $731,10 per ounce.

According to the bid at future gold market yesterday the situation actually had not changed in comparison with Friday. It is not ruled out that psychological tiredness from fast rally of a few last weeks says for itself. On Friday and yesterday federal statistics did not come to the market, but there came a news, not confirmed by this time, that the company BHP Billiton explored in southern part of Australia a huge stores of gold and other less-common metals. On Wednesday regular report of the company should be issued and, probably, there will be presented more detailed explanations concerning emerged rumors. But already yesterday it effected the work of the market and did not allow "bulls" to get better success. Restraint in gold growth was promoted also by oil market, which marked again a price decrease. Another cause for slow making decision became an expiration of the terms on October option contract for gold that should also take place tomorrow. Just now gold market participants try to understand if further growth is reasonable and may be it would be correct to step down again giving an additional impulse to gold purchases on cheaper prices to overcome at this wave a new psychological boarder $750,00 per troy ounce.

London morning fixing 25 September made up $727,70 per ounce, while the rate of the National Bank of Ukraine was set at the figure $733,25 per ounce.

Comments of Roman Valesyuk, Senior Vice Chairman of the Board of JSCB "PRAVEX-BANK" on precious metals market