Gold rises on Thursday after tumbling 12 per cent over past eight sessions

Karachi, June 27, 2013 (PPI-OT): Gold rose on Thursday after tumbling 12 percent over the past eight sessions, as soft U.S. economic data in the previous session hit the dollar and eased fears of an abrupt end to Federal Reserve stimulus. But the metal was still not far from Wednesday’s near three-year low.

Its safe-haven appeal has been severely dented since Fed Chairman Ben Bernanke said last week the U.S. central bank plans to start scaling back its $85 billion monthly bond purchases in the next few months. That would support an increase in interest rates, making gold comparatively less attractive.

WTI climbed for a fourth day as U.S. refiners boosted crude processing to the highest rate this year and industrial profits increased in China, the world’s second-largest oil consumer.

Malaysian palm oil futures slipped to the lowest in more than a month on Thursday as investors liquidated their positions ahead of a key industry report that could show higher supplies of rival oilseed soybean.

Settlement Prices at PMEX were as follows with volumes at Rs. 4.05 billion with 17,753 lots traded:

GOLD: USD 1,227.2 /t oz
SILVER: USD 18.572 /t oz
CRUDE OIL: USD 95.74 / barrel
IRRI-6: Rs. 3,742 /100 kg
Palmolein: Rs. 4,400 / Mound
Sugar: Rs. 46.58/kg
Wheat: Rs. 3,3292100 kg
ICotton: US cents/pound 85.61

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