Financial news

Stability at precious metals market. Precious metals review. 1 October, 2007

As of 1 October situation at precious metals market was characterized by quotations stability. Today during morning trade session in Asia gold was traded at the level $744,00-$746,00 per ounce. While opening New-York commodity exchange gold on bids was at the level $742,00. 28 September at commodity exchange in New-York closure was fixed at point $743,10 per ounce.

On Friday gold market again used in full negative situation around US dollar. However high level of market overpurchase is evident. Some gold producers have already announced that they left gold market refusing from further increase of their "hedge-funds". The news received from Sweden is very interesting where Central Bank of the country announced about readiness to sell during first 12 months about 10 tones of gold at the market to direct proceeds in securities purchase nominated in foreign currency. It is necessary to take into account that Friday was the last day of the third quarter, and messages about activity lowering at gold market work on behalf of funds appeared that very day. It is known that at the end of every reporting period traders try to correct their positions for further accountability to look worthy in investors' eyes. This week on Friday there will appear key report on labour-market of the USA and new data will be estimated especially thoroughly. That is why under terms of ambiguity it is possible that waiting policy and profit taking by market can turn out optimal.

London morning fixing 1 October constituted $745,25 per ounce, when rate of National Bank of Ukraine was fixed at the mark $737,75 per ounce.

Comments of Roman VALESYUK, Senior Vice-Chairman of the board of JSCB «PRAVEX-BANK»