Financial news

Comments on precious metals market. 14 November, 2007.

As of 14 November situation at precious metals market was characterized by quotations increase. Today during morning trade session in Asia gold was traded at the level $805,00-$810,00 per ounce. At New-York commodity exchange gold at bid was at the level $809,80, after this, increased a little bit. 13 November at commodity exchange in New-York closure was fixed at the figure $797,00 per ounce.

In accordance with results of bid by futures on gold, that took place yesterday, market considerably fell. Besides, as some participants note, the most unpleasant was that fact that the price of the most trading December contract on «yellow metal» turned out to be below $800,00, being on the mark $799 (-$8,7) per troy ounce in accordance with the results of session. And the lowest price of this futures was marked in $791,7 per ounce. It is necessary to remind that less than three months ago, upper market boundary was at the level $645,00 per troy ounce. The growth was caused by crisis of submortgage and then the whole financial market of the USA, what caused inflow of investments on the most protective places, to which gold market belongs. It kept decrease of oil price, having approached the mark $90,00 per barrel. It is complicated period of development and raw materials prices, including both gold and oil, early or late will return to the growth, at least due to the reason that natural supply can not be renewed.  

London morning fixing on 14 November constituted $808,25 per ounce, when rate of National Bank of Ukraine was fixed on the mark $803,40 per ounce.

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

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