Financial news

Gold prices increase at precious metals market

As of June 27, situation at precious metals market was characterized by quotations increase during the first half of a day. Today during morning trade session in Asia gold was traded at the level $910,00 — $924,10 per ounce. While opening New York Mercantile Exchange gold on bids was at the level of $922,20, then slightly decreased. June 26, at New York Mercantile Exchange closure was fixed on $916,80 per ounce.

Gold prices on Friday increased a lot, as after announcement of Federal Reserve System (FRS) on Wednesday, there was USD weakening. Oil prices increase after comments of Organization of Petroleum-Exporting Countries (OPEC), stock indices fall and anxiety by financial sector condition stipulated sharp gold and other precious metals quotations increase on Friday.

Evening fixing on gold in London on June 26: $ 923,00 in comparison with $ 882,95 on a previous day. In accordance with result of bids at СОМЕХ , quotations of gold futures increased in price $ 32,80 up to $ 915,10 per troy ounce. Silver futures increased 61,3 cent up to $ 17,22 per ounce.

London morning fixing on June 27, amounted to $923,00 per ounce, when rate on the National Bank of Ukraine was set on $892,50 per ounce.

June 28, gold price is expected within $ 900,00-918,00 per troy ounce. Such change of prices was stipulated by periodical character of the market (after prices decrease to the definite level there will be prices increase).

Comments by Roman VALESYUK, Senior Vice-Chairman of the Board of PRAVEX-BANK on precious metals market. June 27, 2008.

[You can subscribe for Banks news]