Gold price remains firm

KARACHI: Domestic and international yellow metal price remained firm on improved demand while leading manipulators held gold futures in their hands to influence prices.

Gold was available at $1,082 an ounce after gaining $20 an ounce in international market comparing to previous closing.

The price of the yellow metal remained at Rs 42,510 per tola after gaining Rs 600 and Rs 36,484 per ten grams in the local market after gaining Rs 515 per ten grams, trader said.

The international gold dealers remained in driving seat and controlling gold futures 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 with cautious note put money in fine gold and investors with liquidity were also buying gold to consolidate their long positions while better output report kept its prices reasonable.

He said the gold price in the local market remained cheaper than in international market, as people have higher purchasing power.


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