Gold price ends steady

Domestic and international gold price closed staedy on Monday on insignificant buying while forward deals changed hands. Gold was available at $1,131 an ounce after gaining $1 an ounce in international market.

The price of the gold remained at Rs 44,191 per tola after gaining Rs 16 and Rs 37,927 per ten grams in the local market after gaining Rs 9 per ten grams, trader said.

The international gold prices remained in the hands of major buyers and US better household wealth’s health increased consumers confidence while firmness in local prices showed interest by leading buyers, said Humayun Ahmad member of Sindh Jewellers Association.

The leading hedgers put money in fine gold and investors with more liquidity also indulged in buying of the gold to consolidate their long positions and moderate output kept 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 was insignificant for more than last nine months and price of gold is high in the adjoining markets and not affordable for local dealers. Local trading in gold remained dull, traders said.

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