Gold price ends firm
Domestic and international gold price closed firm on Wednesday on forward deals besides some buying. Gold was available at $1,130 an ounce after gaining $1 an ounce in international market.
The price of the gold remained at Rs 44,175 per tola after gaining Rs 27 and Rs 38,890 per ten grams in the local market after gaining Rs 23 per ten grams, trader said. The international gold prices remained on firm footings on sluggish US inflation data while local prices increased because of interest shown by leading buyers, said Humayun Ahmad member of Sindh Jewellers Association.
He said the leading hedgers put money in fine gold and investors with more liquidity showed interest and indulged in buying of the yellow metal to consolidate their long positions, which pushed its prices in comfort zone.
Generally investors preferred to buy gold whenever dollar starts gaining strength and oil prices move higher. He said the gold was trading in the local market at cheaper rates than international market, where people have higher purchasing power. Traders said gold imports in the country are at a standstill for more than last eight months, as prices of gold are high in the adjoining markets and not affordable for local dealers. Local trading on gold remained dull, traders said.