GOLD PRICE CLOSES FIRM

KARACHI: Domestic and international yellow metal price ended steady on selective buying besides forward deals also changed hands.

Gold was available at $1,167 an ounce after gaining $1 an ounce in international market comparing to previous closing.

The price of the yellow metal remained at Rs 45,851 per tola after gaining Rs 167 and Rs 39,352 per ten grams in the local market after gaining Rs 143 per ten grams, trader said.

The international gold dealers are controlling prices and possibility of no change in US interest rate in near future would support metal that would attract hedgers to invest in gold, said Humayun Ahmad member of Sindh Jewellers Association.

The investors put money in fine gold and investors with more liquidity also on front foot in buying gold to consolidate their long positions while faint output kept its prices in comfort zone.
Mr. Ahmed said the gold price in the local market remained cheaper than in international market, as people have higher purchasing power.

Traders said gold imports in the country was insignificant for more than last ten months and price of gold is high in the adjoining markets and not affordable for local dealers. Local trading in gold remained dull, traders added.

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