Gold inch up as investors hope of United States bond-buying programme staying intact

Karachi, June 05, 2013 (PPI-OT): Gold inched up on Wednesday as investors hope of the U.S. bond-buying program staying intact for some more time overshadowed their fears of slowing bullion demand in India, the world’s top consumer, on account of new rules set by central bank. Generally, Appetite for gold from India and China is a major factor in international gold prices. The two countries account for more than a third of global demand, according to the World Gold Council.

Oil markets will remain largely choppy as investors try and gauge if stimulus measures from the U.S. Fed will continue or not. Crude prices have swung heavily in the past few weeks with the U.S. currency as market participants try to gauge if the Federal Reserve will roll back its monetary stimulus.

Malaysian palm oil futures ended higher on Wednesday, pulling away from an earlier near two-week low, as investors turned more optimistic on stocks data due early next week.

Settlement Prices at PMEX were as follows with volumes at Rs. 4.16 billion with 14,975 lots traded:

GOLD: USD 1,396.40 /t oz
SILVER: USD 22.320 /t oz
CRUDE OIL: USD 93.58 / barrel
IRRI-6: Rs. 3,636 /100 kg
Palmolein: Rs. 4,364 / Mound
Sugar: Rs. 45.12/kg
Wheat: Rs. 3,212/100 kg
ICotton: US cents/pound 84.32

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
Web: www.pmex.com.pk

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