Financial news

Precious metals market review. 23 August 2007

As of 23 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 $662,00-$663,00 per ounce, and at the opening of New York commodity exchange the gold at bid was fixed at the level $662,30. 22 August at the commodity exchange in New York the closing was fixed at the figure $658,30 per ounce.

Price for gold grew up, basing at improvement of the situation at the USA stock market and next weakening of US dollar rate. The decreased on this day price for oil actually had not substantially influenced at the work of gold market which was moving, despite usual in such situation scheme, not down, but up. This says once again for the situation remains complicated and participants' uncertainty is preserved. The interest to the market from the side of physical buyers of "yellow metal" from Middle East countries is growing. As for gold supply to the market, according to information from SAR, which has a share of 12% of total world gold production, differences with trade unions relating pays to workers engaged in gold production and processing, probably, will be resolved without strike.  

London morning fixing 23 August made up $662,25 per ounce, while the rate of National Bank of Ukraine was set at the mark $657,15 per ounce.