Financial news

Gold started to decrease. Gold market review for 27 August 2007

As of 27 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 $667,00-$666,00 per ounce, and at the opening of New York commodity exchange the gold at bid was at the level of $666,50. 24 August at commodity exchange in New York the closing was fixed at the figure $667,40 per ounce.

During bid traders made an attempt to increase the market by $675,00 per troy ounce, basing on weakening US dollar and returned to the growth oil market. These attempts met once again appeared at other markets fears concerning coming of new wave of liquidity decrease in financial sector of American economy. Usually in difficult conflict situations, having political and economical origin, gold market definitely attracts investments by its characteristic of the place of their reliable storage in these periods. But in these last months gold market moves, actually, after another market instruments, reflecting in this way uncertainty of participants in further prospects. However, now, as observers consider, price for gold is in the lowest point of the market and very soon, as the situation at USA stock market is stabilized, growth trend can get more confident shapes. At this time, any market decrease results in growth of purchases on the side of individuals, and the appearing growth signs immediately result in its sale via ETF-funds. As a result, making no headway and weak search of new movement directions is taking place.

The rate of the National Bank of Ukraine is set at the mark $659,75 per ounce.