Gold metal price remains down

KARACHI: Gold price in international and local markets remained down, as demand witnessed no improvement due to dull interest of major buyers and gold hedgers, traders said.

The stakeholders remained active in manipulating gold futures during trading session along with keeping an eye on the future output.

Gold closed at $1,071 an ounce with $1 downward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term down by Rs 185 per tola and stayed at Rs 42,079 per tola while in grammage value, gold remained down by Rs 158 per ten grams to close at Rs 36,115 per ten grams, dealers said.

It is observed physical price would hover within a difference of Rs 375 to Rs 475 per 10 grams and the domestic bullion market was using more than 90 percent of the recycled gold stocks for daily use, dealers said. They said the increase in gold prices would come in the next couple of weeks when gold is expected to get expensive substantially by Rs 650 to Rs 900 per tola on better demand. The gold price remained in the hands of manipulators in India, Pakistan and other major gold buying countries, as they remained busy influencing current prices and futures on speculations.

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