Financial news

Rate increase at precious metals market. Precious metals market review. 29 August 2007.

As of 29 August the situation at precious metals market was characterized by rates increase. Today during morning trade session in Asia gold was characterized by increase in the range of $662-$664 per ounce and at opening of New York commodity exchange gold at bid was at the level of $666,10. 28 August at commodity exchange in New York commodity exchange the closing was fixed at the figure $664,10 per ounce.

By not big volume of bid and not high activity gold market yesterday decreased significantly that was favored by decrease of USA stock market and insignificant dollar rate increase. Such factor as the decreased cost for oil could give a support to "bears", who based on again appeared suppositions that biggest world economy growth lowering can result in demand downfall for basic industrial and precious metals and sources of raw material. As for reasons which caused a next crisis wave at stock market, their source is as it was before — housing sector of American economy. Market participants are awaited by season of enhanced demand for physical gold and just now traders from this sector purchase "yellow metal" while market price decrease.  

29 August London morning fixing made up $664,75 per ounce, while Ykraine National Bank rate was set at the mark $667 per ounce.