Yellow metal 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 $1,062 an ounce after gaining $5 an ounce in international market comparing to previous closing. The price of the yellow metal remained at Rs 41,910 per tola after gaining Rs 140 and Rs 35,969 per ten grams in the local market after gaining Rs 120 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. 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 said.