Financial news

Quotations stability at precious metals market. Precious metals market review. 4 October, 2007

As of 4 October the situation at precious metals market was characterized by quotations stability. Today during morning trade session in Asia the gold was traded at the level $725,00-$727,00 per ounce. At the opening of New York commodity exchange the gold at bid was at the level $727,00. 3 October at New York commodity exchange the closing was fixed at the figure $729,40 per ounce.

According to the results of yesterday gold market session the cost of December future decreased slightly. Being under the pressure of the growing US dollar rate that is noted three days in succession, gold market is to maintain decreasing trend. Taking into account a specific role of the USA at market, investors now more thoroughly than usually examine the statistics coming form this country, which, excluding housing sector data, witnesses that liquidity crisis which took place this summer had not left significant prints in other directions of American economy. The report on indicator of activity state in the USA service sector in September current year, which was published yesterday, witnesses that despite all available problems, the employment in the sector increased and expenditures for the staff maintenance increased. The issue of discount rate cut is called in question and US dollar positions can keep on strengthening. It is clear that it would be prematurely to talk about transition of American currency to the stage of recovery. The market will be waiting for new forecasts on the rate.

London morning fixing 4 October made up $726,75 per ounce, whereas the rate of the National Bank of Ukraine was set at the mark $733,15 per ounce.

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