On Thursday 30 July, at the tender quotes for precious metals turned and showed a moderate increase in price due to weakening of the dollar position of the basket of world currencies and rising oil prices.
As a result of trades on the COMEX, division New York commodity exchange (NYMEX), quotes on gold rose by 7.7 to 934.90 dollars per troy ounce, the price of silver rose to 13.25 dollars per ounce.
Causes
On Thursday 30 July at the auction market for precious metals has ceased to decline and, with support from the oil sector, resumed its positive movement. Investment attractiveness of gold as a zone of anti-inflationary investment also increased due to the loss of the positions of American currency on the FOREX market after data that showed that the total number of repeat applications for unemployment benefits in the United States declined for the past week to 6.197 million (6.300 million forecast) with 6.225 million a week earlier.
From the news it may be noted that the JSC Polymetal has announced production results for the quarter and six months ended June 30, 2009 gold production fell by 11% compared with the second quarter of 2008 due to lower content fields Dukat and Hakandzhinskom. In the third quarter, the company expects a significant improvement due to higher concentrations of oxidized ore at Vorontsov field and growth of the factory at Dukat. The production of silver rose by 2% compared with the second quarter of 2008 due to higher concentrations in the lunar and Hakandzhinskom fields. In the second half of the year is expected to further increase production through the end of the project to expand the production capacity of factories Dukat. The company reaffirmed its plans for 2009 to 280-300 thousand ounces (8,7-9,3 tons) of gold and 17-18 million ounces of silver (528-560 tons).
What to expect?
the positive mood on trading floors on Friday may be supported by yield positive makrostatistiki, as well as the liquidation of short positions in anticipation of the weekend and following the end of the month.
What is fear?
But do not relax, because the situation may change radically. The reason for this may be the mood of investors in the foreign exchange market, but it is their attitude to risk, as well as the situation in equity markets associated with the corporate records.
Precious metals market review for 30.07.09
Dynamics
On Thursday 30 July, at the tender quotes for precious metals turned and showed a moderate increase in price due to weakening of the dollar position of the basket of world currencies and rising oil prices.
As a result of trades on the COMEX, division New York commodity exchange (NYMEX), quotes on gold rose by 7.7 to 934.90 dollars per troy ounce, the price of silver rose to 13.25 dollars per ounce.
Causes
On Thursday 30 July at the auction market for precious metals has ceased to decline and, with support from the oil sector, resumed its positive movement. Investment attractiveness of gold as a zone of anti-inflationary investment also increased due to the loss of the positions of American currency on the FOREX market after data that showed that the total number of repeat applications for unemployment benefits in the United States declined for the past week to 6.197 million (6.300 million forecast) with 6.225 million a week earlier.
From the news it may be noted that the JSC Polymetal has announced production results for the quarter and six months ended June 30, 2009 gold production fell by 11% compared with the second quarter of 2008 due to lower content fields Dukat and Hakandzhinskom. In the third quarter, the company expects a significant improvement due to higher concentrations of oxidized ore at Vorontsov field and growth of the factory at Dukat. The production of silver rose by 2% compared with the second quarter of 2008 due to higher concentrations in the lunar and Hakandzhinskom fields. In the second half of the year is expected to further increase production through the end of the project to expand the production capacity of factories Dukat. The company reaffirmed its plans for 2009 to 280-300 thousand ounces (8,7-9,3 tons) of gold and 17-18 million ounces of silver (528-560 tons).
What to expect?
the positive mood on trading floors on Friday may be supported by yield positive makrostatistiki, as well as the liquidation of short positions in anticipation of the weekend and following the end of the month.
What is fear?
But do not relax, because the situation may change radically. The reason for this may be the mood of investors in the foreign exchange market, but it is their attitude to risk, as well as the situation in equity markets associated with the corporate records.
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