Gold: More than expected consumer Inflation data boosted metal appeal against rising prices

Karachi, July 09, 2013 (PPI-OT): More than expected consumer Inflation data in June boosted the metal appeal against the rising prices in the World’s second biggest buyer of the yellow metal. Bullion has fallen nearly 10 percent since Fed Chairman Ben Bernanke said last month the economy was recovering strongly enough for the U.S. central bank’s $85 billion monthly bond-buying stimulus to be reduced as soon as later this year.

WTI traded near its highest level in 14 months before data forecast to show U.S. crude supplies fell for a second week, and as bloodshed in Egypt stoked concern that Middle Eastern exports may be disrupted.

Malaysian palm oil futures rose to a near two-week high on Tuesday on hopes a key industry report could show a drop in stocks of the tropical oil, although concerns about rising output in the world’s second largest producer capped gains.

Punjab sugar mills will give 10,000 tons of sugar to Punjab government at Rs 48 per kg which the government will sell at Rs 51 per kg to help poor strata of the society during the holy month of Ramazan.

Settlement Prices at PMEX were as follows with volumes at Rs. 2.07 billion with 8,946 lots traded:

GOLD: USD 1,247.9 /t oz
SILVER: USD 19.128 /t oz
CRUDE OIL: USD 102.98 / barrel
IRRI-6: Rs. 3,681 /100 kg
Palmolein: Rs. 4,407 / Mound
Sugar: Rs. 46.99/kg
ICotton: US cents/pound 86.62
Wheat: Rs. 3,427/100 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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