Gold price remains flat

KARACHI: Gold price in the international and local markets remained flat, as there was no such demand despite buyers’ favourable prices while dull interest of major buyers and gold hedgers also put market sentiments dull, traders said.

The stakeholders remained active in manipulating gold futures during trading session along with keeping an eye on the future output.

Gold closed at $1,098 an ounce with $1 upward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term up by Rs 36 per tola and stayed at Rs 43,160 per tola while in grammage value, gold remained up by Rs 31 per ten grams to close at Rs 37,042 per ten grams, dealers said.

It is stated physical price would hover within a difference of Rs 800 to Rs 975 per 10 grams and the domestic bullion market was currently 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 months when gold is expected to get expensive substantially by Rs 1.000 to Rs 1,200 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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