Financial news

Quotation decrease at precious metals market. Precious metals market review. 28 August 2007

As of  28 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 $666,60. 27 August at commodity exchange in New-York the closing was fixed at figure $666,60 per ounce.

Gold market success last Friday caused back reaction of decrease. Bid volume on this day was not high and the work of market was in soft condition. Market activity decrease took place because of  celebration of Summer Bank Holiday in England, when local banks did not work. Soon, if nothing extraordinary happens, the market will try to keep positions choosing new approaches to movement forward. Statistics, which was issued yesterday, on housing sector of American economics showed that the existing problems are still unresolved and housing market downfall is continued. Stock of unsold houses at secondary housing market is increased, prices for them are aimed down and it can mean new problems for financial market which invested into this sector huge money means. It was also sudden that against this background which clearly evidences about weakening of economical situation in the country, US dollar rate increased. This decreased gold market attraction. 

London morning fixing 28 August made up $667,00 per ounce, while the rate of the National Bank of Ukraine was fixed at the mark $659,75 per ounce.