Gold price remains under observation

KARACHI: Gold price in international and local markets remained under observation, as there was no demand due to less 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 $1,235 an ounce with $1 upward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term up by Rs 52 per tola and stayed at Rs 48,463 per tola while in grammage value, gold remained up by Rs 45 per ten grams to close at Rs 41,593 per ten grams, dealers said.

It is said physical price would hover within a difference of Rs 475 to Rs 575 per 10 grams and the domestic bullion market was 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 weeks when gold is expected to get expensive substantially by Rs 1,000 to Rs 1,200 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.

Source: Reuters


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