KARACHI: Interest from potential buyers and hedgers kept gold price in green besides hedging and composite gold Futures and speculation on output in international and domestic market kept yellow metal future deals in comfort zone, metal traders said.
Demand of metal stood firm on investors' short-long term interest in international and domestic market, the metal traders said.
According to them spot gold an ounce price was quoted up by $2 to settle at $1,289 an ounce.
Bullion price in Karachi recorded a mere rise of Rs 7 per ten grams to Rs 43,654 per ten grams. In per tola term, gold prices witnessed an increase of Rs 9 a tola to close at Rs 50,864 per tola.
Similarly gold prices in Lahore and Hyderabad stood Rs 43,260 per ten grams and Rs 43,100 ten grams respectively, while prices remained at Rs 43,050 per ten grams in Faisalabad, Islamabad and Multan on karat base level, they added.
Humayun Ahmad Mani, senior member of All Pakistan Gems Merchant and Jewellers Association attributed the increase in gold prices to the boost by continued investors' demand and rising inflation fears.
He said, however cautious buying kept goldsmiths and jewellery sector from making hefty deals. He said increase of gold jewellery export to United Arab Emirates and the United States was likely to increase over 12 percent in coming months if the prices of gold remained within the reach of value-added sector.
Published in Daily Times, August 13th 2017.