Gold price remains firm

KARACHI : Gold price in international and local markets remained firm, as there was improved demand and the gold futures mixed with interest of major buyers and gold hedgers pushed price in comfort zone, traders said. However, the stakeholders with liquidity remained active in manipulating gold futures during trading session with keeping an eye on the future output. Gold closed at $1,094 an ounce with $7 upward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term up by Rs 179 per tola and stayed at Rs 43,002 per tola while in grammage value, gold remained up by Rs 134 per ten grams to close at Rs 36,906 per ten grams, dealers said. It is observed due to oil prices downward trend, gold would remain be in attraction while physical price would hover within a difference of Rs 900 to Rs 1,100 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 couple of months after start of religious festivals in India when gold is expected to get expensive substantially by Rs 1,000 per tola to Rs 1,300 per tola on better demand. 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. Buyers made deals according to their immediate needs. Local trading in gold remained dull on back of insignificant buying.


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