Gold rises on Friday on track for its strongest week in a month

Karachi, May 24, 2013 (PPI-OT): Gold rose on Friday, on track for its strongest week in a month, after a U.S. Federal Reserve official said there was no rush to end the monetary easing programme that has increased the metal’s appeal as a hedge against inflation.

Gold edged up this week as investors sought its safe-haven status after the dollar and equity markets were hit by factory data from China and the United States that showed the pace of manufacturing had slowed.

Cotton futures fell to the lowest level since late January on Thursday, on technically-driven selling, worries over a potential slowdown in top consumer China, and easing supply concerns in the United States, the world’s top exporter.

Settlement Prices at PMEX were as follows with volumes at Rs. 3.99 billion with 14,799 lots traded:

GOLD: USD 1,385.90 /t oz
SILVER: USD 22.398 /t oz
CRUDE OIL: USD 93.54 / barrel
IRRI-6: Rs. 3,623 /100 kg
Palmolein: Rs. 4,418 / Mound
Sugar: Rs. 45.22/kg
Wheat: Rs. 3,197/100 kg
ICotton: US cents/pound 84.70

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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