Gold shines with around 1per cent increase on Thursday

Karachi, May 30, 2013 (PPI-OT): Gold shine with around 1 % increase on Thursday as the dollar fell to a two-week low against a basket of major currencies, and strong physical demand especially in Asia is also supporting yellow metal prices. Despite all this the metal still risked losing its safe-haven appeal on worries that the U.S. Federal Reserve could scale back its bullion-friendly bond buying programme on account of improved U.S Economy.

Crude traded near a four-week low after an industry report showed U.S. stockpiles rose the most in a month. The oil market is quite balanced, and OPEC has no plan to make changes in its daily output in a coming meet up tomorrow.

Malaysian palm oil futures edged down, slipping from a two-month high hit the day before as weaker overseas markets and slower demand for commodities weighed on the tropical oil, and as investors booked profits.

Settlement Prices at PMEX were as follows with volumes at Rs. 3.79 billion with 21,023 lots traded:

GOLD: USD 1,400.70 /t oz
SILVER: USD 22.640 /t oz
CRUDE OIL: USD 92.75 / barrel
IRRI-6: Rs. 3,618 /100 kg
Palmolein: Rs. 4,371 / Mound
Sugar: Rs. 45.47/kg
Wheat: Rs. 3,217/100 kg
ICotton: US cents/pound 81.10

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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