Financial news

Quotations stability at precious metals market

As of 19 December situation at precious metals market was characterized by quotations stability. Today during morning trade session in Asia gold was traded at the level $798,00-$803,00 per ounce. While opening New-York commodity exchange gold on bids remained without changes. 18 December at commodity exchanger in New-York closure was fixed on the figure $802,90.

Futures quotations on gold increased on Tuesday, and platinum quotations reached new historical maximum against background of offer deficiency. Gold became more expensive following oil and due to closure of short positions, before profit fixation smoothed growth. Platinum became more expensive against background of expectation of further deficiency of metal offer. January futures on platinum in accordance with bids results on COMEX (subdivision of New-York commodity exchange) increased in prices on $11,70, by $1515,30 per ounce after reaching of the mark $1526,40, that became historical maximum for January contracts.

At market of platinum deficiency is observed, metal providers try to satisfy growing demand, but closure of mines due to safety regulation violating, especially in South Africa, aggravate situation with deficiency. Expectations of "lasting disharmony" support high prices on platinum. Even if manufacturers will work at full capacity, they will not be able to satisfy increasing demand. At "reversed" market short contracts are more expensive than contracts with later delivery terms, that not seldom shows that demand exceeds offer. Usually long contracts are more expensive a little bit than short due to higher expenses.

A analysts say, gold became more expensive following oil and closure of positions, before investors started to fix profit, and gold quotations decreased. January futures quotations on gold in accordance with bids results increased on USD 8,10, by USD 807,40 per troy ounce.

London morning fixing on the 19 of December constituted $801,50 per ounce, when rate of national Bank of Ukraine was fixed on the mark $796,25 per ounce.

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

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