In Summer Demand for Gold Grew by 4 Times

The year beginning to date the price for gold grew by 30%. Its new maximum level was on achieved on 6 September: during the trading at the London Metal Exchange it rose to USD 1921 per troy ounce, and at Comex Exchange the December gold futures went up to USD 1923 per troy ounce.

In September the experts from HSBC and Newmont Mining, the leading gold mining company of the USA, against the geopolitical risks and insufficiency of alternative investments once again increased the forecasted gold price for 2012 to USD 2025 and USD 2000 per troy ounce respectively.

“As before, gold is extremely attractive for investors and depositors who want to secure their savings,” says Maxim Salutin, Deputy Head of the Cash Services Division of FUIB. “The growing probability of the sovereign default by Greece, crisis of sovereign debts of Portugal, Spain, Italy and deteriorated economic indicators of the USA make investors switch from euros and American dollars to more reliable asset – gold. There is still tension in the countries of South Africa and Middle East, which also adds to the gold price level.”

This year the sales in gold bars in FUIB exceed even rather successful in terms of gold sales year 2008 by 30%. The sales in gold bars in FUIB in August grew by more than 8 times year-over-year, and by 4 times within the summer months as compared to the spring. As before, the Bank sets the price for gold on the basis of the global gold quotations and the UAH/USD exchange rate. Our forecast as regards the gold price: above USD 1900 per troy ounce throughout October-November and certain likelihood of USD 2000 per troy ounce at the year end.

You can order gold 1-1000 gram bars online at the Bank’s web site or at the nearest outlet of FUIB.