Financial news

Gold will try to get new levels and approach mark in $1000 per troy ounce.

As of 28 February situation at precious metals market was characterized by quotations increase. Today during morning trade session in Asia gold was traded at the level $955,00-$960,00 per ounce. While opening New-York commodity exchange gold at bids was at the level $960,00, then slightly decreased. 27 February at commodity exchange in New-York closure was fixed on the mark $958,90 per ounce.

Gold price 28 February sharply increased. In accordance with results of regular trade session at New York commodity exchange, NYMEX, contract on gold supply became more expensive on contract $12,10, or on 1,3% — by $961,00 per troy ounce. Contract on silver supply became more expensive on $0,49, or on 2,6% — by $19,21 per troy ounce. US dollar decrease that is observed for the last days caused demand on raw materials especially on gold. Taking into account such considerable factors as dollar rate decrease, and also high risk of development of inflation and recession in the USA, it is not excluded that soon gold will try to get new levels and approach the mark in $1000 per troy ounce.

London morning fixing 28 February constituted $957,00 per ounce, when rate of National Bank of Ukraine was fixed on the mark $958,75 per ounce.

Comments by Roman Valesyuk on precious metals market — Senior Vice Chairman of the Board of JSCB "PRAVEX-BANK" 28 February, 2008.

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