Gold hit a high of $1,487.80 since April 15

Karachi, May 06, 2013 (PPI-OT): Gold steadied its highest level in more than two weeks on Monday, where It hit a high of $1,487.80 on Friday, its highest since April 15. This upward trend mainly supported by a cut in interest rates by the European Central Bank and the Fed’s decision to stick to its stimulus programme. Further A surge in physical buying in Asia and other parts of the world also pulled gold prices from recent lows.

Hedge funds and money managers increased their bullish bets in gold futures and options in the week to April 30 as the price of the precious metal rallied around 4.5 percent during the period, a report by the CFTC showed on Friday.

Oil rose above $97 a barrel to its highest in nearly a month as an Israeli air strike on a Syrian military facility refocused attention on Middle East supply risks, although prices pared gains after weak European economic data. Perhaps the rising geopolitical worries have increased the risk premium on oil and the fear is that the Israeli attack is going to lead to a wider involvement of other nations in the Syrian conflict

Malaysian palm oil futures slipped to nearly a 5-month low on Monday, weighed down as the ringgit surged against the dollar following the ruling coalition’s win in the country’s general elections.

Settlement Prices at PMEX were as follows with volumes at Rs. 3.65 billion with 16,964 lots traded:

GOLD: USD 1,474.80 /t oz

SILVER: USD 24.117 /t oz

CRUDE OIL: USD 96.12 / barrel

IRRI-6: Rs. 3,508 /100 kg

Palmolein: Rs. 4,335 / Mound

Sugar: Rs. 45.57/kg

Wheat: Rs. 3,157/100 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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