3.18
It
The loco London gold price remained weak for most of
the first half. Apart from some occasional strength arising
from the Falkland Islands crisis and the Middle East tension,
the market was persistently under pressure from the strength
of the US dollar, high US interest rates and rumours of heavy
sales by some major gold suppliers. As a result, the gold
price declined from US$400 per fine ounce at the end of
December 1981
1981 to US$309 in mid-March and, after a recovery to US$368 on 19th April, fell again to US$296 in late June.
then regained some ground to finish at US$314 at the end of
June, 22% below its end-of-December level. Meanwhile, on the
Chinese Gold and Silver Exchange, the gold price, after moving
between HK$2,540 and HK$2,740 per tael in the first two months
of the year, declined to HK$2,147 in the middle of March. A
brief recovery of the price to HK$2,537 in mid-April was
followed by a sharp decline to HK$2,120 in the latter part of
June, before closing the month at HK$2,213, 18.5% below
level at the end of December 1981.
the
3.19
Trading in gold futures on the commodity market was quiet in the first half of 1982 with a total turnover of 6 357
lots each of 100 troy ounces. Trading in soyabean and sugar
futures remained active. Turnover totalled 346 083 lots of
soyabeans each of 30 000 kilograms and 159 014 lots of sugar each of 50 long tons. There was no trading in cotton futures.
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