European Central Banks efforts to preserve currency has led to tough measures for the country

Karachi, March 26, 2013 (PPI-OT): Cyprus bailout curbs the demand for gold. The European Central Banks efforts to preserve the currency has led to tough measures for the country. However, the repercussions of the bailout would unveil in the near future, as the economy would be restructuring to the terms. The measures taken would lead to factors driving prices as market players show significant concern over the health of the Eurozone economy.

Mongolia raised its gold reserves for a third month to the highest in more than four years in February as the metal capped its longest monthly losing streak since 1997. The country’s holdings expanded 1.5 metric tons to 5.8 tons, the most since August 2008, according to the International Monetary Fund’s website. Kazakhstan’s holdings increased 4.9 tons, Azerbaijan’s climbed 1 ton and Ukraine’s rose 0.6 ton, the data show

Rice exports from India, the world’s second-largest grower, are poised to reach a record for a second year as the harvest may rebound on normal monsoon rain, potentially widening a global surplus. Palm oil fell for a second day on speculation that stockpiles in Malaysia, the world’s second-biggest producer after Indonesia, may climb as exports decline. The contract for delivery in June dropped as much as 1.1 percent to 2,436 ringgit ($787) a metric ton on the Malaysia Derivatives Exchange, and ended the morning session at 2,438 ringgit in Kuala Lumpur.

Settlement Prices at PMEX were as follows with volumes at Rs. 6.34 billion with 26,137 lots traded:

GOLD: USD 1,597.20 /toz
SILVER: USD 28.758 /toz
CRUDE OIL: USD 95.51 / barrel
IRRI-6: Rs. 3,393 /100 kg
Palmolein: Rs. 4,197 / Mound
Sugar: Rs. 45.29/kg
Wheat: Rs. 2,866/100 kg

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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