Financial news

Precious metals market review. August 22, 2007

As of 22 August the situation at precious metals market was characterized by quotation increase. Today during morning trade session in Asia gold was characterized by increase in the range of $655-$658 per ounce and during opening of New York commodity exchange gold at bid was at the level of $658,50. 21 August at commodity exchange in New York the closing was fixed at figure $656,00 per ounce.

For today gold price preserves its value. Participants are careful as, in their opinion, the wave of gold market sale under influence losses covering in another markets still has not utterly passed. Moreover, ECB  informed that for the week 11-17 August golden reserves reduced on EURO 26 mln. by 172,041 bln.

Participants activity decrease in market work reflects a fear that today desire to buy the market on low price can result in losses in case events repeat. Because in spite of some stabilization signs there is still no clear understanding how events will be developed in future. Judging by events in USA funds market the situation is still complicated.

London morning fixing 22 August made up $657,15 per ounce, whereas Ukraine National Bank rate was fixed at the level of $655,50 per ounce.