Financial news

Gold growing trend is preserved. Precious metals market review. 24 September 2007.

As of 24 September the situation at precious metals market was characterized by quotations stability. Today during the morning trade session in Asia the gold was traded at the level $733,00-$735,00 per ounce, and at the opening of New York commodity exchange the gold at the bid was at the level $734,00. 21 September at New York commodity exchange the closing was fixed at figure $731,00 per ounce.

The result of the last gold market session, which took place last Friday, became a price correction. December futures slightly decreased. On this day at oil market a slight decrease was observed that smoothed apprehension of participants concerning inflation coming. Despite fast gold market growth for the last days, interest to purchases from the side of individuals, mostly India, remains unchangeable. This circumstance is an extremely important factor and can witness that market growth trend will be preserved also for coming prospect. Already on Friday traders supposed that by the end of the year gold market will manage to go up till the level $800,00 per troy ounce, and next year will overcome the mark $850,00 per ounce. Estimating the present situation at gold market, one should understand its last achievements not only as a reason for new growth, but also as a consequence of overpurchase at the wave of excessive optimism and speculative character of majority of bargains.

London morning fixing 24 September made up $733,25 per ounce, while the rate of the National Bank of Ukraine was set at the nark $735,35 per ounce.

Comments of Roman Valesyuk, Senior Vice Chairman of the Board of JSCB "PRAVEX-BANK" on precious metals market. 24 September 2007.