Financial news

Quotations increase at precious metals market. Precious metals market review. 16 November, 2007

As of 16 November the situation at precious metals market was characterized by quotations increase. Today during morning trade session in Asia gold was traded at the level  $787,00-$792,50 per ounce. At opening of New York commodity exchange the gold at bid was at the level $788,20, after this, it increased a little. 15 November the closing at commodity exchange in New York was fixed at the figure $785,70 per ounce.

Futures prices for gold yesterday have been decreasing rapidly, December contract according to the session results costed $787,30 (-$27,4). Warning that upper market price limits appeared to be unreasonably increased according to the results started in August of current year rally seems to be confirmed. Moreover, now one can hear discussions that the decrease can be continued namely by rally sources when market backed at $750,00 in price of troy ounce. US dollar rate strengthening and oil market decrease resulted in yesterday correction. Price decrease was a characteristic event for all raw material markets and gold just headed this movement having demonstrated probably the most noticeable gap between upper and lower limits of bid which made up $783,00 and $819,40 per troy ounce.

London morning fixing 16 November made up $790,25 per ounce, while the rate of the National bank of Ukraine was set at the mark $806,00 per ounce.

Comments of Roman Valesyuk, Senior Vice Chairman of the Board of JSCB «PRAVEX-BANK» on precious metals market, 16 November 2007.

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