Financial news

Gold futures quotations dropped on Thursday as a result of fund markets’ growth.

As of July 24, situation at precious metals market was characterized by quotations decrease during the first half of the day. Today at morning trade session in Asia, gold was traded at $922,5 — $930,5 per ounce. Gold trade on New York Mercantile Exchange was opened at $923,50, afterwards it decreased somewhat its position. On July 23, New York Mercantile Exchange closure was fixed at $920,75 per ounce. London morning fixing on July 23, amounted to $927,75 per ounce, while the exchange rate of the National Bank of Ukraine was fixed at $934,75 per ounce.   

Gold futures quotations dropped on Thursday as a result of fund markets' growth (the situation within the sector of the financial companies' securities has improved), and as well as the result of oil quotations and euro's decrease.

August gold futures quotations according to COMEX bids results dropped by $25,70 — to $922,80 per troy ounce. Silver futures dropped in price after the gold ones did. September silver futures were closed at a decrease by 54,7 cents (which is more than 3%) — at a $17,458 level per ounce. London evening gold fixing: USD 926,50 comparing to USD 961,50 of the previous session.

August gold futures price: USD 922,80 /-21,25 dollars/.

For July 25, price for gold is expected within the range of $920,00-$930,00 per troy ounce. Gold has dropped in price as the US currency has strengthened. American fund indices, oil prices decrease and discussions about the possibility of main interest rates' growth strengthen US dollar.

Comments on precious metals market by Roman Valesyuk, Senior Vice-Chairman of JSCB PRAVEX-BANK Board. July 24, 2008.

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