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2008

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Gold quotations keep descending

As of March 21 situation at precious metals market was characterized by quotations increase. Today during morning trade session in Asia gold was traded at the level $919,00-$920,00 per ounce. On March 20 at commodity exchange in New-York closure was fixed on the mark $910,10 per ounce.

Precious metals quotations kept descending on bids on Thursday. Gold futures at NYMEX decreased up to $904,7 per troy ounce, but later returned. It is impossible to say that gold decreases cardinally. Its price decrease can be considered as part of total correction movement at raw material markets after series of historical highest levels. Correction of the highers is based on macroeconomic factors as well as on US current increase against the main currencies. Soon situation will be stabilized — it also concerns gold market. It is a day off in Europe and the USA today, that is why stock exchanges are closed, and activity of precious metals bids at Forex can be low. Gold cost constituted $909,98 per ounce by the closure. Silver cost is $16,79 per ounce.

London morning fixing on March 21 constituted $913,50 per ounce, when rate of National Bank of Ukraine was set on the mark $995,25 per ounce.

Comments by Roman VALESYUK, Senior Vice-Chairman of the Board of PRAVEX-BANK on precious metals market. March 21, 2008.

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News thrue march
2008

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