THE kwacha hit an intraday low of 6.310 – 6.330, representing a 20 points appreciation from the opening level. The Standard Chartered Bank reports that however by the close of the day the currency closed at 6.350 – 6.370.
It said further also that gold headed for the third weekly advance after rallying to a two-week high as investors weighed signs of increased purchases against the expectations for higher borrowing costs in the U.S.
Bullion for immediate delivery traded at $1,192.03 an ounce from $1,193.79 yesterday. The metal rose on Nov.18/ to $1,207.68 the highest since Oct.30 and had added 0.3 percent this week. The bank quoted the Bloomberg that a third week of gains would be the longest run since the period end July 11.
Brent and West Texas Intermediate headed for the first weekly advance since September as analysts remain divided on whether OPEC will reduce production to prop up prices that were in a bear market.
Oil on the international market has dropped 30 percent from a June peak as the U.S. pumps at the fastest rate in more than three decades amid signs of weakening demand.
Brent for January settlement climbed as much as 67 cents to $80 a barrel on the London based ICE futures Europe Exchange. The volume of all futures traded as 1 percent above the 100-day average. Prices are up to 0.3 percent this week