Financial news

Precious metals market review. 10 December, 2007

As of 10 December situation at precious metals market was characterized by quotations increase. Today during morning trade session in Asia gold was traded at the level $798,00-$802,00 per ounce. While opening New-York commodity exchange gold on bids was at the level $800,30, then decreased a little bit. 07 December at commodity exchange in New-York it was fixed at the figure $794,40 per ounce.

Futures quotations for gold and silver on Friday decreased due to profit fixation, caused by prices decrease on crude oil. Also, its role in quotations decrease was played by employment indexes in the USA, turned out to be higher than forecasts noted traders and analysts. However, one of experts considers metals to be consolidated under conditions of unequal bids, and futures quotations on gold and silver are at the side trend for the last 4 days. Maximums and minimums on both metals were inside of trade range on Thursday. Futures quotations on gold in accordance with bids fell on USD 6,90, by USD 800,20 per troy ounce. Futures quotations on silver, in its turn, decreased on 12 cents, by USD 14,505 per ounce.

«At the moment level in USD 800,00 per ounce is either resistance level or support level for futures, as quotations fluctuate around this level, — said Sanchez. For the last period bids are not equal, and this tendency will be preserved, — he added».

London morning fixing as of 10 November constituted $800,00 per ounce, when rate of National Bank of Ukraine was fixed at the mark $799,75 per ounce.

Comments of Roman Valesyuk, Senior Vice-Chairman of the Board of JSCB "PRAVEX-BANK" on precious metals market. 10 December, 2007.

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