Gold price remains flat

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

Gold was available at $1,061 an ounce with no change in international market comparing to previous closing.

The price of the yellow metal remained flat at Rs 41,665 per tola after Rs 10 increase per tola and Rs 35,743 per ten grams in the local market after gaining Re 3 per ten grams, trader said.

The international gold dealers remained in driving seat and controlling gold futures and possibility of better change in US consumers’ prices 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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