Dollar gain hits Gold to a three week low

Karachi, May 15, 2013 (PPI-OT): The dollar gain has hit Gold to a three week low. Other precious metals fell as well. Gold for immediate delivery fell as much as 1.2 percent to $1,408.53 an ounce, the lowest since April 23, and was at $1,410.68 by 9:36 a.m. in London. A fifth straight drop would be the worst run since Feb. 20. Bullion for June delivery was down 1.1 percent at $1,409.20 on the Comex in New York.

Exports may decline from Malaysia with the news leading to a decline in Palm oil prices. The contract for July delivery slid as much as 1.1 percent to 2,277 ringgit ($759) a metric ton on the Bursa Malaysia Derivatives, the biggest decline for the most-active futures since May 2, and was at 2,280 ringgit at 12:22 p.m. in Kuala Lumpur. Futures have lost 6 percent this year.

Stocks gain in Pakistan with a record high index in view of an pro investment government. However, the critical status of balance of payments and a n ever climbing dollar may indicate otherwise.

Settlement Prices at PMEX were as follows with volumes at Rs. 2.92 billion with 15,463 lots traded:

GOLD: USD 1,407.80 /t oz
SILVER: USD 23.830 /t oz
CRUDE OIL: USD 93.44 / barrel
IRRI-6: Rs. 3,58 /100 kg
Palmolein: Rs. 4,340 / Mound
Sugar: Rs. 45.42/kg
Wheat: Rs. 3,175/100 kg
ICotton: US cents/pound 86.10

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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