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2007

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Futures prices for gold keep decreasing

As of 20 November the situation at precious metals market was characterized by quotations increase. Today during morning trade session in Asia the gold was traded in the range $777,5-$788,00 per ounce. At the opening of New York commodity exchange the gold at bid was at the level  $787,8, afterwards, decreased a little. 19 November the closing at New York commodity exchange was fixed at the figure $776,50 per ounce.

Futures prices for gold keep decreasing this Monday too. According to bid results December contract price cut by $778,00 (-$9,0) per troy ounce. This time general market weakening after long rally and desire to keep its correction could have become a possible explanation. Discount rate problem has also a significant influence on the market. Taking into account that there was no significant change in US dollar rate and oil market grew up not very confidently, traders did not refuse from gold price correction up to session closing.

London morning fixing 20 November made up $789,65 per ounce, while the rate of the National bank of Ukraine was set at the mark $788,50 per ounce.

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

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News thrue november
2007

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