Financial news

Quotations increase on precious metals market. Precious metals market review. 10 October, 2007

As of 10 October situation at precious metals market was characterized by quotations decrease. Today during morning trade session in Asia gold was characterized by increase at the level $738,00-$742,00 per ounce. While opening New-York commodity exchange gold on bids was at the level $744,00. 9 October on commodity exchange in New-York closure was fixed on the mark $736,70 per ounce.

Yesterday during session at gold market during first hours, price of «gold metal» was decreased. However, combinations of several factors, helped to change course movement. Among those factors are the following: activity growth on behalf of physical buyers, again increased oil price and next US dollar rate decrease. Now main market attention is concentrated on pair EUR/USD, where during several days situation was alternately changed for benefit of each of participants. Estimating market participants' statements on US dollar perspectives, it is possible to conclude that a lot will depend on new economic information content in next days. Published at the end of the day minutes of the last meeting FOMC and statements that were made in the morning of FRS representatives evidently witness complicated and contradictory situation in the USA economy. In any case, it is difficult in next days to make conclusions about US dollar destiny. Perspectives of market support on behalf of physical buyers that can increase every day in course of new-year gifts season approach look more reliable.

London morning fixing 10 October constituted $740,50 per ounce, when rate of National Bank of Ukraine was fixed at the mark $728,80 per ounce.

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