Financial news

Sudden decrease of gold price will be of short duration

By the end of previous week gold price somewhat decreased due to revenue fixing though in total quotations increase was quite stable last week. Today at morning trade session in Asia gold was traded at $948,00-$952,00 point per ounce. At New York commodity exchange opening gold at bids was at $947,5 point, afterwards it increased up to $954,00. This was followed by price recession up to $935,00-936,00. After that gold increased in some extent and stabilized at $939,00-940,00 point. 22 February New York commodity exchange closure was fixed at $945,00 figure per ounce.

According to analysts, little decrease of gold value on Friday was caused by many a traders' desire to fix the revenue after futures value increasing up to new record marks a day before. Thus, prices reduction will not be of long duration as many factors operate simultaneously for gold value growth including inflationary fears. It is not also excluded that US Fed will continue its policy of interest rates decrease. All these factors can send already gold price up to $1200 per Troy ounce by summer.

Oil price on Friday increased a little as a result of Turkish troops invasion of Northern Iraq.   

According to results of the regular session at NYMEX New York commodity exchange, on Friday April contract of WTI oil delivery rose by $0,58, or by 0,6% — up to $98,81 per barrel. In the course of bids April futures price fluctuated between $97,16 и $100,01 per barrel.

London morning fixing on 25 February constituted $947,5 per ounce, while National Bank of Ukraine rate was established at $944,8  mark per ounce.

Official rates of banking metals for 10 Troy ounces established by National Bank of Ukraine since 25.02.2008 come to:

• Gold —  UAH 47760.38 (!)
• Silver —  UAH 905.97 (-)
• Platinum — UAH  109080.00 (-)

Since the current month beginning gold rate increased by 2.38%.

Since the current year beginning gold official rate increased by 14.15%.

This gold rate is the highest which has ever been established by NBU, previous maximum was recorded on February 22, 2008 and constituted UAH 47621.50 for 10 Troy ounces (UAH 153.11 for 1 gram).

[You can subscribe for Banks news.]