Yellow metal price ends depressed

KARACHI: Prices of yellow metal in the local and international markets closed depressed on dull interest from the buyers and hedgers.

The gold was traded at Rs 42,263 per tola with Rs 253 per tola decline and in grammage term gold closed at Rs 36,272 per ten grams down by Rs 217 per ten grams, while the international price remained down and closed at $1,076 per ounce with $6 change an ounce.

The prices in local market remained dull following trend in global markets and there was no major demand at home, said Humayun Ahmad, member of Karachi Jewellers Association.

Gold hedgers also slowed down buying of fine gold in hope of further decline in prices. He said the gold prices were likely to continue their depressive trend during next trading week. Dealers said the prices of gold are under pressure due to its lower demand in the international market.

Although this is buying season for gold on account of lower prices and US hike in interest rate and dollar depression but the market is facing paucity of buyers, jewellers said.

The potential buyers at home remained confident dollar-rupee parity and oil prices would keep gold prices within buyers’ reach. Buyers made deals according to their immediate need while general buyers remained on sideline. Local trading in gold remained dull on back of insignificant buying.

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