Financial news

Gold quotations increase at precious metals market

As of 25 January situation at precious metals market was characterized by quotations increase. Today during morning trade session in Asia gold was traded at the level $915,00-$919,00 per ounce.

Gold price sharply increased due to low US dollar rate and renewed growth at American stock markets, having made investors more optimistic. In accordance with trade session at New-York commodity exchange, NYMEX, February contract on gold supply increased on $22,70, or on 2,6%, by $905,80 per troy ounce. March contract on silver supply became more expensive on $0,363, or on 2,3%, by $16,333 per troy ounce. March futures on copper supply were closed with growth on $0,0995, or on 3,2%, on the mark  $3,1715 per pound.

One more factor of gold prices increase was oil prices increase. Analysts have the same opinions, that gold prices increase will going on. It is obviously that Federal Reserve System will decrease interest rate on federal funds again; lightening of monetary and credit policy will be kept until economic progress will be observed. Low rate will influence US dollar. Besides inflation pressure can be increased. These factors provoke "yellow metal" price growth. Experts are pleased that on Thursday gold price crossed resistance level in $900 ,00 per troy ounce and was fixed on this territory.
London morning fixing constituted USD 921,25 per troy ounce, when rate of National Bank of Ukraine was fixed on USD 891,50.

Comments of Roman VALESYUK, Senior Vice-Chairman of the Board of PRAVEX-BANK on precious metals market. 25 January 2008.

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