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2008

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Gold quotations decrease

As of March 5, situation at precious metals market was characterized by quotations decrease. Today at morning trade session in Asia gold was traded at $965,00 level per ounce. At New York commodity exchange opening gold at bids was at $963,00 level, afterwards it decreased somewhat its position. On 4 March New York commodity exchange closure was fixed at $964,30 figure per ounce.

On Tuesday, futures quotations on gold decreased due to profit fixation, which was partly caused by oil price reduction. Correction towards down occurred just at the moment when market participants and analysts tried to find out if futures on gold would overcome psychologically important mark of US $1000 per Troy ounce. Futures quotations on gold according to bids results at COMEX (subdivision of New York commodity exchange) fell by US $17,90 — up to US $966,30. Precious metals prices decreased against background of short slump in oil futures below the mark of $100 per barrel for the first time since last Thursday.  Sale of gold had turned earlier into a good possibility to buy with quotations actually growing from the minimum. Nevertheless with quotations decrease it is doubtful how many buyers there will remain at the market with maximal prices.

London morning fixing on March 5, constituted $966,25 per ounce, while National Bank of Ukraine rate was established at $981,75 mark  per ounce.

Comments on precious metals market  by Roman Valesyuk, Senior Vice-Chairman of JSCB PRAVEX-BANK Board. March 5, 2008.

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News thrue march
2008

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