Financial news

Precious metals became more expensive

Futures quotations on precious metals on Wednesday, July 9 increased against background of USD decrease, stopped decrease of oil prices and strengthening of geopolitical tension after Iranian trial of ballistic rocket, and Russia expressed concerns relating treaty on allocation of AMT USA signed between Czech and the USA.

"In whole, precious metals today became more expensive. The reason for this fact was geopolitical tension, shortening of position of oil price and USD decrease".

In accordance with results of bids at New York Mercantile Exchange, August gold futures became more expensive on USD 5,30 — up to USD 928,60 per troy ounce. While opening New York Mercantile Exchange gold at bids was at the level $923,25, while closing — $927,25 per troy ounce.

September silver futures closed with increase of 22 cents — at the level of USD 18,175. Quotations of October platinum futures increased USD 19,10 — up to USD 1 972 per ounce, and quotations of September palladium futures increased USD 6,55 — up to 449.

"US dollar decreased, that is why no wonder that quotations of gold futures started increasing", — said Roman VALESYUK Senior Vice-Chairman of the Board of JSCB "PRAVEX-BANK".

Recent oil prices decrease was stopped and it is favourable factor for precious metals.

Soon after bids closure August oil futures in New York increased 52 cents — up to USD 136,56 per barrel, when USD index in London decreased more than 0,45%.

Today during morning trade session in Asia gold was traded at the level $929,20 — $943,40 per ounce.

  London morning fixing on July 10, made up $930,75 per ounce when rate of the National Bank of Ukraine was set on mark in $923,25 per ounce.

Comments by Roman Valesyuk, Senior Vice-Chairman of the Board of JSCB "PRAVEX-BANK" on precious metals market. July 9, 2008.

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