Financial news

Futures on gold become more expensive

As of March 27 situation at precious metals market was characterized by quotations decrease. Today during morning trade session in Asia gold was traded at the level $953,00-$947,50 per ounce. While opening New York commodity exchange gold on bids was at the level $947,50, then slightly increased. March 26 at commodity exchange in New York closure was fixed on the mark $949,30 per ounce.

Gold futures on Wednesday became considerably more expensive (second day in succession), as US dollar decrease keeps provoking prices growth after sales on last week. Gold futures in accordance with bids at СОМЕХ became more expensive $14,20 per ounce — by the level $949,20. Futures on silver were closed increasing, as prices on silver started to grow following gold prices. Growth of industrial consumption is also forecasted taking into account rates decrease of Federal Reserve System of the USA and dollar decrease that makes silver cheaper for participants of the market of developing countries. Futures quotations on silver increased 58,3 cent — by $18,383 per ounce.

London morning fixing on March 27 constituted $948,25 per ounce, when rate of National Bank of Ukraine was set  on the mark $945,75 per ounce.

Comments by Roman VALESYUK, Senior Vice-Chairman of the Board of PRAVEX-BANK on precious metals market. March 27, 2008.

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