Demand for physical gold in Asia drive prices up 9.6 per cent

Karachi, May 10, 2013 (PPI-OT): Gold declined in London, extending a weekly drop, as a stronger dollar curbed demand for the metal as an alternative investment. Although the rising coin sales and demand for physical gold in Asia drove prices up 9.6 percent since reaching a two-year low of $1,321.95 set April 16. Holdings in the SPDR Gold Trust, the biggest gold-backed ETP, expanded for the first time since March 19, data on its website showed.

WTI crude fell a second day, trimming a third weekly gain, as rising supplies countered signs of economic growth.

Silver prices swung wildly in the wake of extreme losses seen in gold last month, but while investors fled bullion-backed funds in droves, holdings in the less glamorous precious metal are remarkably robust, for now.

Malaysian palm oil futures climbed to their highest in two weeks on Friday as stocks eased below the key 2-million-tonne mark in the world’s No.2 producer, but gains were capped by a surprise fall in exports in the first ten days of May.

Settlement Prices at PMEX were as follows with volumes at Rs. 2.37 billion with 11,752 lots traded:

GOLD: USD 1,444.00 /t oz
SILVER: USD 23.523 /t oz
CRUDE OIL: USD 95.72 / barrel
IRRI-6: Rs. 3,504 /100 kg
Palmolein: Rs. 4,366 / Mound
Sugar: Rs. 45.43/kg
Wheat: Rs. 3,204/100 kg

For more information, contact:
Sarang Abbasi
Asst. Manager, Risk and Analytics
Pakistan Mercantile Exchange
9th Floor, PRC Towers, 32-A,
Lalazar Drive M.T.Khan Road,
Karachi, Pakistan.
Cell: +92-03215148905
Fax: +92-35611263
UAN: +92-21-111-623-623, 99210650-61

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