Financial news

Quotations increase at precious metals market

As of 4 March situation at precious metals market was characterized by quotation increase. Today during morning trade session in Asia gold was traded at the level $980,90-$987,00 per ounce. While opening New-York commodity exchange gold on bids was at the level $986,90, then it decreased a little bit. 3 March at commodity exchange in New-York closure was fixed on the mark $983,50 per ounce.

American dollar is traded on Tuesday on 4 March at three year minimum as for price and record minimum against Euro. However the most interesting changes concern Australian dollar after Reserve Bank of Australia increased discount rate by 7,25%. Futures quotations on gold at bids on Monday reached record maximums under conditions of high prices on raw materials in whole. "These factors caused more active purchases of precious metals on behalf of funds", — mention traders and analysts. Futures quotations on gold during session at COMEX /subdivision of New-York commodity exchange / reached maximum at the mark USD 992,00 per troy ounce. At the end of session prices on precious metals slightly decreased after profit fixation, especially when it was clear that on Monday gold futures will not be increased by USD 1 000. Oil price is kept next to record meaning at electronic bids NYMEX in Asia. Nothing changes at the market: fundamental basis point out demand decrease, but speculators push up value of "black" barrel.

London morning fixing 4 March constituted $981,75 per ounce, when rate of National Bank of Ukraine was set on the mark $978,25 per ounce.

Comments of precious metals market by Roman VALESYUK, Senior Vice-Chairman of the Board of JSCB "PRAVEX-BANK". 4 March, 2008.

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