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2007

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Stability at precious metals market. Precious metals market review. 26 September, 2007

As of 26 September situation at precious metals market was characterized by quotations stability. Today during morning trade session in Asia gold was traded at the level $732,00-$730,00 per ounce, and while opening New-York commodity exchange gold at bids was at the level $730,00. 25 September at commodity exchange in New-York closure was fixed at $730,80 per ounce.

Gold market looks tired and overpurchased. Positions of «bulls» are stable as never and judging by negative forecasts in respect of expected statistics about economic state of the USA, market has all the perspectives of growth unlike extremely low perspectives of US dollar. After final decision of FRS, made last Tuesday, its only achievement was new forecasts emergence about next base rate decrease. Yesterday reports on market of secondary housing of the USA and level of consumer confidence of population of countries turned out at long-term minimum. However it is worth to point out at changes that took place during this time at oil market which started its lowering beating down by this inflation apprehensions. It is not ruled out, that one of the task of FRS was USD rate lowering to stimulate its export opportunities. Anyway it will be hardly a mistake, increase of interests to gold market, at least till current situation in the USA economics is revealed.

London morning fixing on 26 September constituted $730,55 per ounce, when rate of National Bank of Ukraine was fixed at the mark $727,70 per ounce.

Comments of Roman Valesyuk, Senior Vice-Chairman of JSCB «PRAVEX-BANK»  

News thrue september
2007

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