Financial news

Gold keeps moving up. Gold market review. 28 September, 2007

As of 28 September situation at precious metals market was characterized by quotations increase. Today during morning trade session in Asia gold was characterized by increase at the level $736,00-$738,00 per ounce. While opening New-York commodity exchange gold at bids was at the level $737,00. 27 September at commodity exchange in New-York closure was fixed at the point $732, per ounce.

In accordance with the results of Thursday gold market considerably increased, and only risk of its overpurchase increase before coming week-ends and new week made traders to refuse from its continuous growth. US dollar lowered again relating both to currency basket and Euro, and oil price unexpectedly entered new historical maximum. Among published on Thursday statistics the greatest influence on bids was caused by sales report of new dwelling houses in the USA in August of this year with more positive data than it was expected at market. Report content stopped for some time gold price increase. However gold at the market keeps moving up. Definite part of participants' activity in gold purchase can be connected with that fact that this week 3d year quarter is finished. If it is so even today traders will probably have the last chance to raise the market up once more to meet next week at new lines.

London new fixing on 28 September constituted $737,75 per ounce, when rate of National Bank of Ukraine was fixed at the point $729,75 per ounce.

Comments of Roman Valesyuk, Senior Vice-Chairman of the Board of JSCB "PRAVEX-BANK".