sharply, under the combined influences of falling US interest
rates, concerns about international banking difficulties and
the Middle East tension, to reach a peak of US$513 on 7th
September. The upward trend was, however, short-lived and the
price fell back to around US$425 on 21st September, on
profit-taking and rumours of sales by some major gold
suppliers. At the end of the month the price finished at
US$402, 28% higher than at the end of June. On the Chinese Gold and Silver Exchange, the gold price followed a similar pattern: after а fall to $2,186 per tael in early July, the
price settled largely between $2,300 and $2,550 until late
August, before rising to $3,552 on 7th September. At the end
of September it stood at $2,930, 32% above the end-June level
of $2,213.
3.16
Trading in gold futures on the commodity market
recovered slightly during the third quarter, with a total
turnover of 2 277 lots each of 100 troy ounces. Trading in
soyabean and sugar futures was buoyant. Turnover totalled
199 713 lots of soyabean, each of 30 000 kilograms, and 97 228
lots of sugar, each of 50 long tons. There was no trading in
cotton futures.
18
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