Financial news

Quotations increase at precious metals market. Precious metals market review. 19 November 2007

As of 19 November the situation at precious metals market was characterized by quotations increase. Today during morning trading session in Asia the gold was traded at the level $789,9-$784,8 per ounce. A the opening of New York commodity exchange the gold at bid was atthe level $785,3, later it increased a little. 16 November the closing at New York commodity exchange was fixed at the figure $785,40 per ounce.

The past week was notable for increased volatility and market completed its last business day with a slight decrease. Total losses in gold price for the week made up $47,70 in calculation for troy ounce. Market participants positions got a diametrically opposite character. One part of traders considers that it is time to fix profit and to correct prices. Another group is sure that the the story with weak US dollar is far from finish as, however, the process of oil prices increase. It should note, that these both factors, in fact, were the only levers, with the help of which "bulls" raised market about on $200,00 in price per troy ounce from the middle of August of current year. In accordance with some assumptions, gold futures prices can fall to the mark $750,00 per troy ounce, before rally can be returned to the market.

London morning fixing on 19 November constituted $788,50 per ounce, when the rate of national bank of Ukraine was fixed on the mark $790,25 per ounce.

Comments of Roman Valesyuk, Senior Vice-Chairman of JSCB "PRAVEX-BANK" on precious metals market. 19 November, 2007.

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