Gold price ends firm

KARACHI: Gold price in international and local markets remained solid on buying interest of the leading buyers while gold hedgers put market sentiments in steady frame by manipulating the gold futures, traders said.

They remained active in manipulating gold futures during trading session along with keeping an eye on the future price and output.

Gold closed at $1,226 an ounce with $3upward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term remained firm and stayed at Rs 48,074 per tola with Rs 89 increase per tola while in grammage value, gold remained steady and closed at Rs 41,259 per ten grams with Rs 72 per ten grams increase, dealers said.

It is stated physical price would remain firm in coming sessions while the domestic bullion market was currently using more than 95 percent of the recycled gold stocks for daily use, dealers said.

Dealers said the gold price would remain within the reach of buyers however the volumes would remain small as hedgers and investors were keeping futures prices in their hands in India and Pakistan.

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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