Correction in Futures keeps gold price in green

Correction in Futures keeps gold price in green

KARACHI: Gold prices remained firm in international and domestic bullion market as it increased by around $4 per ounce in international market and Rs 138 per ten grams on average in local market.

According to gold dealers the bullion price in Karachi recorded a rise of Rs 136 per ten grams to Rs 40,057 per ten grams. Similarly gold prices in Lahore stood Rs 40,077 per ten grams, in Hyderabad it remained Rs 40,051 per ten grams and in Multan it stood around Rs 40,070 per ten grams, they added. Hedgers made deals on spot rate level to consolidate their long positions in case of any short supply and better output. In rupee per tola term, gold increased by Rs 160 to stay at Rs 46,672 per tola, traders said. Humayun Ahmad Mani, a dealer attributed the stability in gold prices to the soaring investment demand by strong investors and short supply fears on output reports.

He said the fund managers also pumped more money into commodities and strong currencies in international market. Buyers made deals according to their immediate needs. Local trading in gold remained dull on back of insignificant buying.



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