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Gold edges slightly higher on Monday after posting biggest quarterly loss on record

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by July 1, 2013 General

Karachi, July 01, 2013 (PPI-OT): Gold edged slightly higher on Monday after posting its biggest quarterly loss on record, as investors await key economic data this week for clues on when the Federal Reserve could taper its economic stimulus.

Investor confidence in the metal has been eroded after it plunged 23 percent in April-June, as fears over an early end to the Fed’s $85 billion monthly bond purchases hurt gold’s appeal as an inflation hedge. So far, Bullion slid 23 percent last quarter, the most since at least 1975 in New York and the most since at least 1920 in London.

WTI rose, snapping last quarter’s decline, amid concern than mass protests against President Mohamed Mursi of Egypt, the largest Arab nation, might spread and affect Middle Eastern oil supply.

Palm oil gained for the first time in four days as exports from Malaysia, the world’s second-largest producer, climbed ahead of the Muslim fasting month of Ramadan.

Settlement Prices at PMEX were as follows with volumes at Rs. 3.89 billion with 18,112 lots traded:

GOLD: USD 1,240.2 /t oz
SILVER: USD 19.578 /t oz
CRUDE OIL: USD 97.04 / barrel
IRRI-6: Rs. 3,763 /100 kg
Palmolein: Rs. 4,416 / Mound
Sugar: Rs. 46.72/kg
Wheat: Rs. 3,3289/100 kg
ICotton: US cents/pound 85.24

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
Web: www.pmex.com.pk

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