Financial news

Banking metals market review. 16 August 2007

As of 16 August situation at banking metals market was characterized by quotations decrease. Today during morning trade session in Asia gold was characterized by decrease in the range of $665-$663 per ounce and during opening of New York commodity exchange gold at bid was at the level of  $662,10. On 15 August at commodity exchange in New York the closing was fixed at number $668,80 per ounce.

Changeable mood of the market was connected with the fact that against the background of general downfall of world fund market, not too much places for safe investments are left and gold market in this case is one of their best placements. Thus, according to the last reports of World gold council the demand for "yellow metal" in the 2^nd quarter of this year had jumped on 19% in annual numeration and made up 922 tons. It is also interesting to note that, according to the Council specialists opinion, the most noticeable contribution into the market growth belongs to India and other countries whose interests are mainly  concentrated in sector of jewelry industry gold physical purchases. As for yesterday session, the information about USA FRS's decision to increase liquidity of America financial market by additional "injection" of $7 bln. in it became a catalyst of gold purchases growth.  

Today general situation is such that gold market has hardly to be afraid of appreciable deviations in its present movement.

London morning fixing on 16 August made up $664,15 per ounce whereas Ukraine National Bank quotation was fixed at the mark $665,00 per ounce.