Gold price closes depressed

KARACHI: Gold price in the international and local markets remained down, as there was insignificant demand due to dull interest of major buyers and gold hedgers, traders said.

However, the stakeholders remained active in manipulating gold futures during trading session and also kept an eye on the future output. Gold closed at $1,082 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 445 per tola and stayed at Rs 42,486 per tola while in grammage value, gold remained down by Rs 382 per ten grams to close at Rs 36,463 per ten grams, dealers said. It is stated physical price would hover within a difference of Rs 900 to Rs 1,075 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 2,350 per tola to Rs 2,475 per tola on better demand.

 

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