Financial news

Report on employment market of the USA increased gold attractiveness. Precious metals market review. 10 September 2007

As of 10 September the situation t precious metals market was characterized by quotations increase. Today during the morning trade session in Asia the gold was characterized by increase in the range $700,00-$704,00 per ounce, and at the opening of New York commodity exchange the gold at the bid was at the level $704,00. 7 September at New York commodity exchange the closing was fixed at the figure $700,10 per ounce.

The last trade session refuted historical chronicles of gold market according to which each week-end was characterized by weak activity in the work of its participants. Such consecutive growth of gold market for the last days became possible on two reasons — it is an increased physical demand and the decreasing US dollar rate. If physical demand still keeps a confident growth trend, then American currency suffered one of its worse days. The report on employment market of the USA showed the decrease on 4 thous. work places in economy of the USA in August of this year. The news brought both to abrupt downfall of the USA stock market and strengthening of forecasts on lowering by the USA FRS of base interest rate. Raw material markets with their prices, measured in US dollars, swiftly increased their attractiveness and gold market was not an exclusion. It is not excluded that approach of 11 September, the date of tragic events in New York in 2001, will strengthen the role of geopolitical factor on gold market support.

London morning fixing 10 August made up $704,00 per ounce, whereas the rate of the National Bank of Ukraine was set at the mark $695,00 per ounce.