Gold price closes in depression
KARACHI – The yellow metal price in global and domestic markets closed down on dull trading activity while leading 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 $1,119 an ounce with $6 downward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term down by Rs 252 per tola and stayed at Rs 43,687 per tola while in grammage value, gold remained depressed by Rs 216 per ten grams to close at Rs 37,494 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 on speculating current prices and futures. The potential buyers in India and Pakistan remained busy in hedging.
The gold hedgers made some cautious deals. The general buyers remained on sidelines anticipating further easing in price in coming days on dollar-rupee parity.
Buyers made deals according to their immediate needs. Local trading in gold remained dull on back of insignificant buying.