Gold price moves in narrow range
Due to Qatar crisis with neighboring Arab countries gold trading is in a tight band as investors avoided big moves ahead of that may decide changes in gold interest and signal its future course of action.
Traders are not keen to take new positions and this can expect prices to be largely restrained to a similar kind of range.
Spot gold was quoted at $1,290 an ounce, when it dropped nearly $3 in volatile trade.
The metal dealers said gold was traded at Rs 50,676 per tola, down by Rs 106 per tola on a single day, in grammage term gold went down by Rs 92 per ten grams to stay at Rs 43,492 per ten grams.
Despite the recent correction, gold prices are forecast to rise across the remainder of 2017.
Trading was light in the physical sector and clients are basically waiting for gold to go lower before buying again, said a metal dealer.
The investors had naturally to allocate money to sectors that would make money, either in stocks or in bullion market, gold prices could drop further before marching towards this month’s peaks according to Executive member All Pakistan Jewelers and Gems Merchants Association, Humayun Ahmad Mani.
The gold respondents made some cautious deals. The general buyers remain waiting for the further ease in price in coming days on dollar-rupee parity.
Buyers made deals according to their immediate needs. Local trading in gold remained dull on back of insignificant buying.