Last week the price of gold reached its maximum since June, 1996 — 394 USD for troy ounce, having increased by 10 USD in comparison with the last week. This information was reported by the press service of "Aval" bank with reference to the dealer of the department for dealing operations of "Aval" bank Dmitry DREBOT.

According to him, this considerable increase of gold prices took place on the background of serious weakening of USD in relation to other world reserve currencies on the international financial markets.

As D.DREBOT informed, last week participants of the international financial markets become witnesses of extremely rare event: a sharp jump of pair euro/USD up to 1,1529 euros/ USD after which the European currency remained at the rate of 1,1450-1,1520 euros/USD. According to the opinion of market participants, the principal cause of so sharp increase — rather weak USD which positions are influenced by the changing moods on the American stock market.

As the dealer of "Aval" bank noted, at present time the sale of stocks of American companies becomes the tendency which is automatically transmitted to all share platforms of the world and strengthens other world reserve currencies in comparison with USD. Besides euro, English pound, yen, Swiss franc and other gain advantage in comparison with USD.

According to D.DREBOT, the same situation developed on domestic interbank exchange market. "If a week before euro was at the level of 6,00-6,04 hrvn./euros, at the beginning of the last week it reached 6,11-6,14 hryvnas/euro and stayed at this level within a week. As a result the increase of the European currency in comparison to hryvna made up 10 kopecks within several days, — noted he.

As D.DREBOT also informed, last week the situation concerning hryvna/USD changed. After a significant break the National Bank increased the official rate from 5,3315 hryvnas/USD up to 5,3317 hryvnas/USD and simultaneously increased the rate of USD purchase from 5,3290 hryvnas/USD up to 5,3392 hryvnas/USD and sale from 5,3365 up to 5,3367. As a result the rate of hryvnas/USD varied within the limits of 5,3292-5,3367 hryvnas for USD.

As the dealer of "Aval" bank reported, earlier similar changes were made because of inflationary expectations, however in today's conditions this looks like no more than statistical correction, especially taking into account over abundant supply which took place last week. As a result NBU actively filled up its reserves that once again testifies constant stability of hryvna.