Baku, Fineko/abc.az. Despite gold reserve sales by the International Monetary Fund, world gold prices have broken another record and thereby met the forecast of Deursche Bank’s specialists for the next year.

Yesterday value of Troy ounce of gold in trading in London reached $1,095.4, unprecedented in the history of price level. For the second half of the day on 4 November prices jumped from $1,088.5 per ounce.

Earlier the IMF sold 200 tons of gold to India and plans to sell another 203 tons to China.

Earlier Deutsche Bank’s analysts predicted that in 2010 gold price would exceed a $1,100 per troy ounce and dollar rate will fall to 1.6 dollar/euro.

The Bank increased actually gold price forecast by more than 30%. The highest gold price of $1,030.8 per ounce was fixed in March 2008. According to DB’s estimate, central banks that since 1988 have been more selling gold than buying can change this tendency with opposite one. DB also increased forecasts on prices of platinum, palladium and industrial metals.

As a result, Azerbaijan which launched gold export this July can receive surplus profit from gold development.

Earlier R.V. Investment Group’s founder and president Reza Vaziri said that until the end of 2010 the country could export 40,000 ounces of gold and increase export up to 60,000 ounces in 2010.

That will allow recoupment of investments within the PSA contract for gold production for 3 or 4 years and not for 7 or 8 years as it was planned initially.

R.V. Investment Group Services LTD has a 51% equity stake in the Gedabey Gold Production Project in Azerbaijan.

Following analyses and surveys based on samples taken from the wells, it was established that the field contains around 22 tons of gold, 192 tons of silver and 37,000 tons of copper, as per long-fallow reserves – 14 tons of gold, 123 tons of silver and 22,000 tons of copper.

From these deposits it will be possible to produce 70% of resources – 9.8 tons of gold, 50% - 61.5 tons of silver, 35% - 7,700 tons of copper.

Works are fulfilled in accordance with the Production Sharing Agreement (PSA) signed in 1997 between state-run company Azerqizil (whose functions now belong to the Ministry of Ecology & Natural Resources) and R.V. Investment Group Services LTD (USA).

Azerbaijan that controls the Gedebey project has a 49% equity stake in the project.

Earlier the management of producing company estimated field’s reserves in 320,000 ounces.

05.11.2009 09:01