Gold price gains strength

Domestic gold price got strength by Rs 301 per tola to stay at Rs 43,688 on Thursday primarily due to buying from leading buyers. Gold was available at $1,117 an ounce after gaining $7 an ounce in international market.

The price of the yellow metal stood at Rs 37,495 per ten grams in the local market after gaining Rs 259 per ten grams, trader said.

“Although the international gold prices remained under pressure, locally the prices went up because of this interest shown by buyers,” said Humayun Ahmad member of Sindh Jewellers Association.

He said the leading hedgers invested in fine gold and investors with extra liquidity showed interest and indulged in buying of the yellow metal, which pushed its prices up.

International prices of the gold hit a month low on anticipating United States Federal Bank hike in interest rate.

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.

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