Gold price remains firm

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KARACHI: Domestic and international yellow metal price remained firm on better demand while leading manipulators held gold futures in their hands to influence prices.

Gold was available at $1,123 an ounce with $5 an ounce upward change in international market comparing to previous closing. The price of the yellow metal remained up by Rs 186 to Rs 44,120 per tola and Rs 37,866 per ten grams in the local market after gaining Rs 159 per ten grams, trader said.

The international gold dealers remained in driving seat and controlling gold futures and possibility of better change in US consumers’ prices in near future would support metal that would attract hedgers to invest in gold, said Humayun Ahmad member of Sindh Jewellers Association.

The investors with cautious note put money in fine gold and investors with liquidity were also buying gold to consolidate their long positions while better output report kept its prices reasonable.

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