Financial news

gold market can confidently relies upon further inflow of investments. Precious metals market review. 17 October, 2007

As of 17 October situation at precious metals market was characterized by quotations fluctuation. Today during morning trade session in Asia gold started from the point $762,00 per ounce, decreased to the level $756,00, and then grew again by $760,00. While opening of New-York commodity exchange gold at bids was at the level $760,00. 16 October at commodity exchange in New-York closure was fixed at the figure $757,20 per ounce.

Futures market on gold in accordance with yesterday session decreased a little bit. If morning growth of interest to the purchase of «gold metal» was followed by record increase of oil cost, then closer to market closure traders tried to fix profit. Increased US dollar rate could prevent from considerable growth. Gold market really has sufficient strength for growth progression, however total economic instability makes investors to show vigilance. Speaking about further market perspectives, majority of participants affirm confidently that in the nearest days its growth can be renewed. As Head of International currency fund of the USA, cost of American currency still is overstated. It can be added that in India there appeared one more ETF-fund, which specialization will be physical gold market. It is known, that India belongs to the countries that are the most active at this market, that is connected with developed jeweler manufacture in this country demanding considerable volume of precious metals purchases. Under such conditions gold market can confidently relies upon further inflow of investments.

London morning fixing 17 October constituted $759,75 per ounce, when rate of National Bank of Ukraine was fixed at the mark $761,75 per ounce.

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