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Price of platinum has reached a new absolute record
8 May 2007The present situation in the urgent market of precious metals can be characterized by the further increase of the prices for gold. So, its official price for the Commodity exchange of New York (COMEX) has raised in third time successively and for the first time for 14 days has exceeded the level of 690 doll./ounce.
The ounce of gold at COMEX has risen in price on 70 cents. The official price of the future for June has made 690,4 doll./ounce, and the ceiling price of the transaction has reached 693,3 doll./ounce - the highest parameter for the period after April, 23rd.
The rise in prices on gold has proceeded under the influence of the further easing of dollar’s positions in the world currency market that has strengthened the investment demand for gold. The dollar has once again fallen in price concerning euro and other leading currencies that has been caused by weak growth in the USA quantities of new workplaces in April.
On May, 9th session of the commission on open US FRS market, where the question on a base discount rate will be considered, is to be held. It is expected, that the FRS management will keep the base rate at the existing level - 5,25 %, that in addition promotes easing of dollar’s positions.
On May, 10th sessions of management ECB and the Central Bank of England, where questions on base rates will be also considered, will take place. It is expected, that ECB will leave the rate at an existing level - 3,75 %. However the Central Bank of England can make a decision on increase of the base rate from 5,25 % up to 5,50 %.
The price of gold in May has changed for session poorly. The official price of the contract was noticeably below the maximal quotation of day. The weak rise in prices on gold has been caused by the further reduction of prices for oil. We shall remind, that for six sessions oil future Light Sweet has fallen almost on 6 doll./barr. (-8,7 %) in price, and its price has lowered up to the lowest level within the last 16 days.
- The price for oil has reached new absolute record
- IPE Brent Index has for the first time exceeded a mark of 13500 items
- The price of oil “basket” has reached a historical maximum
- The price of OPEC’s “basket” has established a new record
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