Gold price remains plus

KARACHI: Gold price in international and local markets remained firm, as there was some improvement in demand while interest of major buyers and gold hedgers also put market sentiments steady, 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 $1,118 an ounce with $6 an ounce upward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term up by Rs 214 per tola and stayed at Rs 43,934 per tola while in grammage value, gold remained up by Rs184 per ten grams to close at Rs 37,707 per ten grams, dealers said. It is observed physical price would hover within a difference of Rs 10,00 to Rs 1,100 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.

Dealers said the increase in gold prices would come in the next couple of months when gold is expected to get expensive substantially by Rs 1,500 to Rs 1,800 per tola on better demand.

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