Price for gold is decreasing

The price for gold slightly decreased on sales in Europe on December 18 after reaching the highest price in Asia in 8 years because of weakening the positions of the US dollar.

Platinum reached again its maximum price in 23 years, but then its price decreased as well.

The price for gold was $413 per ounce which is $4.7 less than the maximum price of 1996 $417.7. Platinum reached its maximum price of $858, for the tenth time during the last 12 sessions.

"(Gold) disappointed us this week on the background of the growth of the ratio of Euro to dollar. However, today breakthrough occurred in gold price”, said Camal Naqui, Barclays Capital agency analyst.

Spot price for gold reached $410,10/410,60 per ounce December 18, meanwhile on December 17 at the closure of sales the price was $411,75/412,50.

Andreas Maag from UBS investment bank says that gold  "is not in a hurry" and its prices grows gradually.

"Only correction of the US dollar exchange rate can change the current trend", Maag said.

Platinum reached its maximum price, but revenues fixation prevented it from further growth.

"Revenues fixation before the end of the year seem to be logical, but the traders do not like the prospect of opposing the trend", Naqui said.

Platinum price had about 45 percent increase since the beginning of the year, including profiteering in the rumors of reducing its delivery.

Platinum spot price reached $840,00/845,00 and $841,50/846,00 in New York.

Silver spot price demonstrated permanent growth almost up to its maximum in 4.5 years. The price of silver was $5,69/5,71 per ounce, which was bigger than the price in New York $5,66/5,68. Silver had its maximum price - $5,93 – in 1999.

Palladium does not have such a price growth: on December 18 its price reached $200,00/205,00 in comparison with $196,50/202,50 price during the sales closure in New York on December 17.

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Author`s name Evgeniya Petrova