Financial news

Stability of gold quotations at precious metals market. Comments of Roman Valesyuk, Senior Vice Chairman of JSCB “PRAVEX-BANK” on precious metals market. 19 October 2007.

As of 19 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  $767,00-$769,00. At the opening of New York commodity exchange the gold at the bids was at the level  $768,00. 19 October at commodity exchange in New York the closing was fixed at the figure  $763,90 pre ounce.

According to gold market results on Thursday the price of December futures grew up a little again due to support of US dollar and price for oil. Yesterday management of the company  Newmont Mining Corp., which is the second biggest gold producer in the world, announced that today level of prices at gold market is not a limit. In the terms of increased instability of world stock market and the USA in particular, gold market remains the most optimal way to allocate investments. Price for oil yesterday approached close to  $90,00 per barrel. However, it's quite difficult to rely that gold price will also in future move easily following by oil market events. One should not forget that growth trend can be resisted by sector of gold physical purchases which bears a significant part of total market support. On the other hand, it is difficult to imagine the situation when the market can stop at the moment when its cost in US dollars is becoming cheap, Turkey is getting ready for large-scale hostility in Iraq and in SAR the strike of mineworkers is getting ready who require to improve labor safety norms. Most likely, the market would take time-out for consolidation. Today is Friday and this day is considered to be the best to take a profit.

London morning fixing 19 October made up $768,25 per ounce, while the rate of the National bank of Ukraine was set at the mark $758,35 per ounce.