Financial news

Precious metals market review. 21 August 2007

As of 21 August the situation at precious metals market was characterized by quotations decrease. Today during morning trade session in Asia the gold was characterized by decrease in the range of $658,00-$657,00 per ounce, and at the opening of New York commodity exchange the gold at bid was at the level of $657,30. 20 August at New York commodity exchange the closing was fixed at figure $655,50 per ounce.

At American session important economical data were not published that was why the influence at precious metals market was made just by stock market and oil prices. Crude oil, oil products and natural gas on Monday became much cheaper thanks to forecasts according to which hurricane "Din" would leave out gas-and-oil producing platforms in Gulf of Mexico. Specialists affirm that the hurricane moves toward peninsular Yukatan.   

Now the interest for gold is to great extent fed by necessity of its sale to cover losses which appear in other markets, including raw material sites. Thereby, the question is in the fact of gold market characteristic as a reliable shelter from various problems in economics. Its valuety increased abruptly too and against this background it became difficult to forecast prices movement. Such situation can remain within the next few days.

London morning fixing 20 August made up $655,50 per ounce, while the rate of the National Bank of Ukraine was set at the mark $658,50 per ounce.