KARACHI: Gold fell more than $14 an ounce to close at $1,253 an ounce, as crude oil dropped on better output report and the dollar jumped against basket of currencies, dimming bullion’s safe-haven appeal. Similarly, domestic gold price fell by Rs 609 a tola to close at Rs 49,180 per tola and in grammage term, down by Rs 521 per ten grams to close at Rs 42,209 per ten grams, metal traders said. However a little bit of physical buying was noticed because the market is below the recent high, said the dealer, referring to demand from hedgers and jewelers while investors also booked profits. Yellow metal price failed to recover downward trend and came under correctional phase on back of Gold Futures speculations on output outlook in international and domestic markets, metal traders said. Slower pace of short term and long term trading also put metal price in tight bracket. Nonappearance of leading dealers and importers in the market besides less than normal demand on average put metal’s general prices in depression, traders said. The correction is set to be short-lived as buying from long-term investors would witness some improvement in price, they opined. The price of gold is an amalgam of diverse and changing influences, from currencies to jewellery, from investors to speculators. Buyers and hedgers in markets have control over gold Futures and traders with liquidity remained busy in making forward deals. The gold speculators took some cautious steps in order to minimize chances of any big fall in price in coming days. The secondary buyers remained on sidelines anticipating further easing 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.