Karachi, March 25, 2013 (PPI-OT): Cyprus struggle leads to gold gaining a percent. A $13 billion bailout has been agreed after shrinking the nation’s banking system. “The Cyprus issue did give a boost to the gold price. However, there, is a lack of factors for a sharp and sustained rally,” as said by Mumbai-based Kotak Commodity Services Ltd. Such factors have been prominent for gold during the Euro crisis and past US liquidity measures. However, the metal does maintain its prestige of stability, showing minimal fluctuations and retention.
The dollar might regain its value in the international market, but its momentum in Pakistan surpasses that of its aggregate. Worries rise on the debt structure and how the care taker regime would handle the financial and political crisis. With a dollar still going at Rs.99.36, it is a challenge to retain the trust of investors.
Punjab prepares for wheat procurement, with chances being that farmers may get a better rate this year. The good news for rice is that there has been a sufficient increase in exports after a plunge in the last six months. The causes of the plunge include poor marketing, and lower prices of India’s basmati.
Settlement Prices at PMEX were as follows with volumes at Rs. 5.02 billion with 23,596 lots traded:
GOLD: USD 1,601.50 /toz
SILVER: USD 28.698 /toz
CRUDE OIL: USD 94.23 / barrel
IRRI-6: Rs. 3,399 /100 kg
Palmolein: Rs. 4,228 / Mound
Sugar: Rs. 44.99/kg
Wheat: Rs. 2,867/100 kg
For more information, contact:
Asst. Manager, Risk and Analytics
Pakistan Mercantile Exchange
9th Floor, PRC Towers, 32-A,
Lalazar Drive M.T.Khan Road,
UAN: +92-21-111-623-623, 99210650-61