Financial news

Banking metals market review. 17 August 2007

As of 17 August, the situation at precious metals market was characterized by quotations increase. Today during morning trade session in Asia the gold was characterized by increase in the range of $650-$652 per ounce and at the beginning of New York commodity exchange the gold at bid was at the level of $658,10. On 16 August at New York commodity exchange the closing was fixed at the number of $648,00 per ounce.

At the world commodity exchange, including crude oil and metal, a big price decrease took place.

On Thursday the prices for precious metals abruptly decreased because funds closed positions due to decrease of world fund indexes and problems at substandard crediting market and also technical sales could make additional pressure at precious metals market.

The cost of silver at bid in New York on Thursday decreased on 8,4%, and the cost for gold decreased on maximal quantity since October last year because unstable situation at securities international markets makes investors to sell raw materials contracts to attract means.

London morning fixing on 17 August made up $653,00 per ounce whereas quotation of National Bank of Ukraine was set at the level of $664,15 per ounce.