Gold price closes firm

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

The gold price would be remained under leading hands by March 2016, experts opined. Gold closed at $1,104 an ounce with $2 upward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term up by Rs 94 per tola and stayed at Rs 43,389 per tola while in grammage value, gold remained up by Rs 81 per ten grams to close at Rs 37,239 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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