Financial news

Gold cost goes on growing. Precious metals market review. 17 September 2007

As of 17 September the situation at precious metals market was characterized by the next quotations increase. Today at the morning trade session in Asia the gold was traded at the level $710,00-$712,00 per ounce. And at the opening of New York commodity exchange the gold at the bid was at the level $711,50, and in two hours grew up by $716,00 per ounce. 14 September at New York commodity exchange the closing was fixed at the figure $708,60 per ounce.

Last bid of future gold market, which took place on Friday, ended by a slight prices decrease. By the session end when the news about gold-mining companies quotations decrease appeared, profit taking started. Starting with the bid middle the market started to go down. According to some estimations of observers, the wave of morning purchases was explained by market interest to gold option. Moreover, "bulls" activity was promoted by rumors about Northern Rоck bankruptcy, the biggest mortgage bank of England, and also the news about increase by National bank of Chinа of base interest rate that is connected with the problem of vigorously developing inflation in Chinese economy. On Friday US dollar rate strengthening and oil cost weakening were observed. Set of federal statistics which was published on this day made no significant influence on the market. According to the opinion of market participants, the today session will no be much different on the character of the work from Friday one.

 London morning fixing 17 August made up $710,25 per ounce, while the rate of the National Bank of Ukraine was set at the mark $706,75 per ounce.

Comments of Roman Valesyuk, Senior Vice Chairman of the Board of JSCB "PRAVEX-BANK" on precious metals market. 17 September 2007.