Gold price closes down

KARACHI – The yellow metal price in global and domestic markets closed down on insignificant trading activity while major stakeholders remained active in manipulating future price during trading sessions.

The gold price would be remained under leading hands by December 2015, experts opined. Gold closed at $1,100 an ounce with $10 downward variation in value as compared to previous trading session and domestic bullion price witnessed same trend.

Gold in tola term down by Rs 303 per tola and stayed at Rs 43,039 per tola while in grammage value, gold remained depressed by Rs 260 per ten grams to close at Rs 36,939 per ten grams, dealers said. The gold price remained in the hands of manipulators in India, Pakistan and other major gold buying countries, as they remained busy influencing current prices and futures on speculations.

The potential buyers in India and Pakistan remained busy in hedging.

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