Financial news

Quotations at precious metals market keep growing

As of 18 January situation at precious metal market was characterized by quotations increase. Today during morning trade session in Asia gold was traded at the level $875,00-$882,50 per ounce. While opening New-York commodity exchange gold on bids was at the level $881,80, then it slightly increased. 17 January closure at commodity exchange in New-York was fixed on the figure $879,90 per ounce.

In long-term perspective stable growth of gold cost is foreseen. In particular, it is expected that gold price will reach $1000 per troy ounce this year already. On Thursday gold price decreased for the third day in succession. In accordance with results of trade session contract on gold delivery became cheaper on $1,50, or on 0,2%, by $880,50 per troy ounce. Prices on other metals on Thursday were closed multidirectionally. Contract on gold supply increased on $0,115, or on 0,7%, by $16,01 per troy ounce. During bids high volatility was observed at gold market. Gold price grew by $891,50 per ounce, then fell $875,20 per ounce. Such fluctuations are explained by new range of bids and levels of support and resistance. As of Wednesday 16 January, gold supply constituted 7,5 m. of troy ounce, and silver lays were equal to 130,7 m. of troy ounces.

London morning fixing 18 January constituted $872,75 per ounce, when rate of National Bank of Ukraine was set on the mark $881,50 per ounce.

Comments of Roman Valesyuk, Senior Vice-Chairman of the Board of PRAVEX-BANK on precious metals market. 18 January, 2008. 

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