Gold traded steady, holding a three-week high

Karachi, March 20, 2013 (PPI-OT): Gold traded steady on Wednesday, holding near a three-week high as Cyprus’s rejection of bailout terms triggered worries about a default, underpinning safe haven demand in gold. Earlier spot gold hit a three-week high at $1,615.16 an ounce just after the Cypriot parliament vote on Tuesday, as investors sought refuge in the safe-haven metal. Investors will be closely watching the outcome of the Federal Reserve’s two-day meeting on Wednesday, as well as a press conference by Fed Chairman Ben Bernanke. Any hint of tightening monetary policy would add to headwinds for gold.

Oil rose, recovering from a three-month low, on hopes the United States would continue with its stimulus programme and that the European Union would reach a last-minute deal to bail out Cyprus.

Malaysian palm oil futures rose to the highest in more than a week on higher export demand, although gains were curbed after Cyprus’s rejection of a proposed bailout plan led to worries of a default.

Settlement Prices at PMEX were as follows with volumes at Rs. 4.20 billion with 17,855 lots traded:

Settlement Prices at PMEX were as follows:

GOLD: USD 1,610.6 /toz
SILVER: USD 28.934 /toz
CRUDE OIL: USD 93.16 / barrel
IRRI-6: Rs. 3,423 /100 kg
Palmolein: Rs. 4,208 / Mound
Sugar: Rs. 43.75/kg
Wheat: Rs. 2,805/100 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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