Gold traded near a 3-1/2-week high

Karachi, March 22, 2013 (PPI-OT): Gold traded near a 3-1/2-week high on Friday, underpinned by safe-haven demand on the fear of a potential financial meltdown in Cyprus, which has put bullion on track for its biggest weekly rise in four months.

Oil prices held above $92 a barrel but were headed for a second week of losses on Friday as the lack of a solution to the financial crisis in Cyprus loomed over investors.

Malaysian palm oil futures rose to their highest in a month on Friday and posted a 3.3 percent weekly gain as hopes of export demand whittling down stocks offset uncertainty in Europe.

The global cotton harvest will probably tumble more than expected in the coming year as farmers make more money planting grains even after the fiber’s rally, the International Cotton Advisory Committee said.

Settlement Prices at PMEX were as follows with volumes at Rs. 4.24 billion with 19,499 lots traded:

Settlement Prices at PMEX were as follows:

GOLD: USD 1,610.90 /toz
SILVER: USD 29.025 /toz
CRUDE OIL: USD 92.86 / barrel
IRRI-6: Rs. 3,421 /100 kg
Palmolein: Rs. 4,251 / Mound
Sugar: Rs. 45.02/kg
Wheat: Rs. 2,894/100 kg

For more information, contact:
Pakistan Mercantile Exchange
9th Floor, PRC Towers, 32-A,
Lalazar Drive M.T.Khan Road,
Karachi, Pakistan.
UAN: +92-21-111-623-623, 99210650-61

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