Financial news

Precious metals market is stable. Precious metals market review. 5 October, 2007

As of 5 October situation at precious metals market was characterized by quotations stability. Today during morning trade session in Asia gold was traded at the range $735,00-$737,00 per ounce. While opening New-York commodity exchange gold at bids was at the level $736,00. 4 October at commodity exchange in New-York closing was fixed at the mark $737,10 per ounce.

Gold market stopped lowering and in accordance with yesterday session price of December futures contract grew. The very US dollar which made this day quite breathtaking lifts and descents was at the center of attention of gold market. Difficulties for continuation of three-day rally of US dollar were data about quantity growth of primary applications for unemployment benefit in the USA and extremely weak report about orders decrease in American industry. Market participants make forecasts in advance relating next rate shortening on results of FRS meeting, the USA. Lowering of US dollar again caused inflow of investments on raw materials markets in particular on energy resources market where oil price increased. It helped gold market to grow. The most interesting changes can occur after publication of new data on the USA labor market for September. It is probably that rates forecasts can become more precise today.

London morning fixing on 5 October constituted $735,85 per ounce, when rate of National bank of Ukraine was fixed at the mark $726,75per ounce.

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