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2008

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Quotations keep increasing at precious metals market

As of 11 February situation at precious metals market was characterized by quotations increase. Today at morning trade session in Asia gold was traded at $921,20 — $925,00 point per ounce. At New York commodity exchange opening gold at bids was at $925,80 level, afterwards it decreased its position in some extent. 08 February New York commodity exchange closure was fixed at $918,20 figure per ounce.

According to regular trade session results at NYMEX, New York commodity exchange, gold delivery contract rose by $12,30, or by 1,4%, up to $922,30 per Troy ounce. Silver delivery contract rose by $0,335, or by 2%, up to $17,11 per Troy ounce. Metals prices increase is caused by several important factors simultaneously. Gold demand increased dramatically recent time due to forced decrease of these metals extraction in South Africa. Mining companies cannot work as they did earlier because of energy shortage in the country. AngloGold Ashanti Ltd. (AU) announced already on Thursday that energy problems would cause gold extraction volumes decrease by about 400 000 Troy ounces in 2008. And this provided that no further energy supply problems would occur during this year. Otherwise, the market will receive much less gold.  

London morning fixing on 11 February constituted $925,50 per ounce, while National Bank of Ukraine rate was established at $914,00 mark per ounce.

Comments by Roman Valesyuk, Senior Vice-Chairman of JSCB PRAVEX-BANK Board on precious metals market. February 11, 2008.

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