Financial news

Comments of Roman Valesyuk, Senior Vice-Chairman of the Board of JSCB “PRAVEX-BANK” on precious metals market. 17 December, 2007.

As of 17 December situation at precious metals market was characterized by quotations decrease. Today during morning trade session in Asia gold was traded at the level $792,00-$784,00 per ounce. While opening New-York commodity exchange gold on bids increased a little bit, having returned to the mark $792,00 per ounce. 14 December at commodity exchange in New-York closure was fixed at the point $793,10.

February futures costs decreased on $6,00, or on 0,8%, and constituted $798,00 per troy ounce.

On Friday other metals prices were closed being multidirected. March contract on gold supply decreased on $0,254, or on 1,8%, by $13,983 per troy ounce. December futures on copper delivery closed with decrease on $0,003, or on 0,1%, on the mark $2,9365 per pound.

January futures on platinum supply increased on $7,40, or on 0,5%, and closed on the mark $1479,00 per ounce. March contract on palladium supply became more expensive on $5,20, or on 1,5%, до $357,00 per ounce.

Situation at oil market on Friday was determined by economic factors . As Ministry of Labor of the USA informed, consumer price index , CPI, in November increased on 0,8% in seasonally corrected expression due to high gasoline prices . This is the highest index of inflation growth for the last two years . Such indexes immediately caused experts apprehension that inflation pressure growth will decrease space for maneuver in interest rates sphere . In other words, having high inflation indexes FRS will not be able to decrease rate on federal funds to maintain economy growth. And decrease of economy growth rate can cause demand decrease on " black gold ".

The other not the least of the factors of oil price decrease on Friday became USD rate growth against main currencies . Dollar Index, which allows to estimate USD cost relating to the basket of the main six currencies , increased on Friday on 1,1% by 77,445.

London morning fixing on 17 December constituted $787,00 per ounce, when rate of National Bank of Ukraine was fixed on the mark $796,25 per ounce.

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