Gold slips on Tuesday after seeing its biggest weekly gain in the month

Karachi, May 28, 2013 (PPI-OT): Gold slipped on Tuesday after seeing its biggest weekly gain in the month as the dollar gained against six major currencies and Asian stock markets geared up after having a choppy week. In physical markets bullion is being sold at high premiums compared to spot prices as there is not enough supply to meet the strong demand.

A rise in crude prices is witnessed before the release of consumer confidence and housing data in the U.S., the world’s largest consumer of the commodity.

Malaysian palm oil futures hit 1-1/2-month highs on Tuesday as optimism grew that a demand recovery and stagnant output would pare stocks of the edible oil.

Sugar climbed to a one week-high in New York as rains are set to disrupt harvesting this week in Brazil, the world’s largest producer. Raw sugar for delivery in July rose 0.8 percent to 16.97 cents a pound by 6:05 a.m. on ICE Futures U.S. in New York.

Settlement Prices at PMEX were as follows with volumes at Rs. 2.46 billion with 8,513 lots traded:

GOLD: USD 1,378.80 /t oz
SILVER: USD 22.260 /t oz
CRUDE OIL: USD 94.72 / barrel
IRRI-6: Rs. 3,620 /100 kg
Palmolein: Rs. 4,394 / Mound
Sugar: Rs. 44.99/kg
Wheat: Rs. 3,219/100 kg
ICotton: US cents/pound 82.48

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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