Gold price remains under correction

KARACHI : Gold price in international and local markets remained under correction, as there was much speculation for gold futures mixed with dull demand due to wait and see attitude of major buyers and gold hedgers, traders said.

However, the stakeholders remained active in manipulating gold futures during trading session and also kept an eye on the future output. Gold closed at $1,090 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 30 per tola and stayed at Rs 42,823 per tola while in grammage value, gold remained up by Rs 26 per ten grams to close at Rs 36,753 per ten grams, dealers said. It is seemed physical price would hover within a difference of Rs 900 to Rs 1,000 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 February 2016 when gold is expected to get expensive substantially by Rs 1,500 per tola to Rs 2,000 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.

 

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