Gold price retains firmness

Gold price retains firmness

KARACHI: The yellow metal price in global and domestic markets closed in green while speculators revised Gold Futures on technical ground in order to provide stability to the metal price while leading market players remained busy hedging during the trading session.

The Futures gold price would be firm as the metal was still in leading hands by February 2017, experts opined. Gold closed at $1,185 an ounce with a $6 upward variation in value as compared to the previous trading session and domestic bullion prices witnessed the same trend. Gold in tola terms was up by Rs 259 a tola to close at Rs 46,512 per tola while in per gram value, gold remained up by Rs 217 per ten grams to Rs 39,919 per ten grams, dealers said.

The gold price remained in the hands of leading manipulators in India, Pakistan and other major gold buying countries, as they remained busy influencing current prices and gold Futures. The potential buyers in India and Pakistan remained busy in hedging. The gold hedgers made some cautious deals. The general buyers remained on the sidelines anticipating further easing in price in the coming days on dollar-rupee parity.

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