Financial news

Precious metals market review. 20 August 2007

As of 20 August the situation at precious metals market was characterized by quotations increase. Today during morning session in Asia the gold was characterized by increase in the range $654,00-$656,00 per ounce, and at the opening of New York commodity exchange the gold was fixed at figure $656,30 per ounce.

The last bid of the past week were finished with gold market growth. This growth cut almost on 40% the losses which were fixed by market on the eve. The occurred on Friday market purchase increase took place under the influence of the next step of USA FRS aimed at situation stabilization which appeared in connection with crediting problems and USA financial market liquidity lack. For dollar the occurred events meant a return to downfall and gold market participants successfully used the occurred possibility of market purchase at lower dollar prices.

As for further prospects of gold market against background of occurred new changes in FRS monetary and credit policy, now here appear various appraisals.

London morning fixing 20 August made up $658,50 per ounce, while rate of the National Bank of Ukraine was stopped at the mark $653,00 per ounce.