Yellow metal price remains firm

KARACHI: Gold price in international and local markets remained steady, as there was improvement in demand due to 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 $1,092 an ounce with $10 variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term up by Rs 397 per tola and stayed at Rs 42,931 per tola while in grammage value, gold remained up by Rs 340 per ten grams to close at Rs 36,845 per ten grams, dealers said.

It is observed physical price would hover within a difference of Rs 700 to Rs 975 per 10 grams and the domestic bullion market was using more than 95 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 weeks when gold is expected to get expensive substantially by Rs 2,150 per tola to Rs 2,175 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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