Gold futures take a turning point after yet another dip in prices. As a result of the Fed’s measures, the metal’s cross elasticity with monetary products was one of the major factors leading to the recent price trend. Gold gained in New York on speculation demand may be spurred by the price slump to a 2 1/2-year low that followed the Federal Reserve’s indications on cutting stimulus. Futures fell 6.9 percent last week after Fed Chairman Ben S. Bernanke said the U.S. central bank, which buys $85 billion of Treasury and mortgage debt a month, may slow its asset purchase program if the U.S. economy continues to improve. West Texas Intermediate advanced for a second day amid forecasts that crude stockpiles dwindled last week in the U.S., the world’s largest oil consumer. Futures rose as much as 1 percent in New York. U.S. inventories probably shrank by 2 million barrels last week as refineries increased operations. Palm oil advanced for the first time in four days as exports from Malaysia, the second-largest producer, rose ahead of the Muslim fasting month of Ramadan. The contract for September delivery climbed as much as 0.7 percent to 2,421 ringgit ($760) a metric ton on the Bursa Malaysia Derivatives and was at 2,406 ringgit at 5:30 p.m. Settlement Prices at PMEX were as follows with volumes at Rs. 4.43 billion with 18,702 lots traded: GOLD: USD 1,283.1 /t oz SILVER: USD 19.668 /t oz CRUDE OIL: USD 95.64 / barrel IRRI-6: Rs. 3,769 /100 kg Palmolein: Rs. 4,453 / Mound Sugar: Rs. 46.58/kg Wheat: Rs. 3,394/100 kg ICotton: US cents/pound 84.02 SOURCE : PMEX
Posted on: Wed, 26 Jun 2013 06:06:54 +0000
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