Financial news

Growth of gold quotations at precious metals market. Comments on precious metals market. 12 November, 2007.

As of 12 November situation at precious metals market was characterized by quotations growth. Today during morning trade session in Asia gold was traded at the level $814,00-$816,50 per ounce. While opening New-York commodity exchange gold at bids was at the level $813,00, then decreased a little bit. 09 November at the commodity exchange in New-York closure was fixed at the point $832,10 per ounce.

On Friday gold market interrupted five days rally, using pause for moderate taking of profit by investors. Price of December contract decreased by $834,7 (-$2,8) in accordance with the results of previous session. Thus, for possible transition of gold market to the correction it is necessary to meet two conditions — stop USD downfall and growth of oil price causing growth of interest to gold as a market asset, the most protected from inflation. During the last days there were several signals which could be considered as warnings of possible interruption of protection for gold market by factors indicated above. That is why, by today as short-termed perspective it is considered the possibility of market correction within $50,00-$100,00 per troy ounce.

London morning fixing on 12 November constituted $817,00 per ounce, when the rate of National Bank of Ukraine was fixed at the mark $836,00 per ounce.

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