Gold price closes depressed

KARACHI: The yellow metal price in global and domestic markets closed negative on insignificant trading activity while major stakeholders remained active in manipulating future price during trading sessions.

The gold price would be remained under leading hands by January 2016, experts opined. Gold closed at $1,057 an ounce with $10 downward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term down by Rs 405 per tola and stayed at Rs 41,770 per tola while in grammage value, gold remained depressed by Rs 387 per ten grams to close at Rs 35,849 per ten grams, dealers said.

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. The potential buyers in India and Pakistan remained busy in hedging.

The gold hedgers made some cautious deals. The general buyers remained on sidelines anticipating further easing in price in coming days on dollar-rupee parity. Buyers made deals according to their immediate needs. Local trading in gold remained dull on back of insignificant buying.

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