Gold price remains under correction

KARACHI: Gold price in the international and local markets remained under correction, as demand witnessed no improvement due to dull interest of major buyers and gold hedgers, 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 $1,097 an ounce with $3 downward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term down by Rs 106 per tola and stayed at Rs 43,124 per tola while in grammage value, gold remained down by Rs 91 per ten grams to close at Rs 37,011 per ten grams, dealers said.

It is opined physical price would hover within a difference of Rs 750 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 900 to Rs 1,100 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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