Financial news

Situation at precious metals market is characterized by quotations decrease

As of March 19 situation at precious metals market was characterized by quotations decrease. Today during morning trade session in Asia gold was traded at the level $990,00-$989,00 per ounce. While opening New-York commodity exchange gold on bids was at the level $987,50, then slightly increased. On March 18 at commodity exchange in New-York closure was fixed on the mark $981,30 per ounce.

Prices on futures on gold in New-York decreased before decision of the Federal Reserve System on interest rates. They demonstrated growth at the beginning of the bids, and then they were at the ranges. At the beginning of bids the position of gold was more steady. It was connected with growth at stock markets and with prices on crude oil, and also with further US dollar weakening. In accordance with bids at COMEX, futures prices increased on $1,70 — by $1004,30 per ounce, in comparison with the highers $1013,40 per ounce that were reached earlier. Price of future on silver decreased at COMEX on 33,3 cents — by $19,962 per ounce.

London morning fixing on March 19 constituted $995,25 per ounce, when rate of National Bank of Ukraine was set on the mark $1005,75 per ounce.

Comments on precious metals market by Roman VALESYUK, Senior Vice-Chairman of the Board of PRAVEX-BANK. March 19, 2008.

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