KARACHI: Yellow metal price in domestic and international market remained in green on improved buying on long term while deals on dollar-metal price parity remained moderate, metal traders said.
Major buyers in leading trading countries and in Pakistan made moderate deals ahead of Futures Gold price and output report that may decide changes in basic rates and signal its future course of action.
Domestic bullion price witnessed same upward trend. Gold in tola term gained Rs 278 per tola to close at Rs 48,450 per tola while in grammage value, gold remained up by Rs 239 per ten grams to close at Rs 41,582 per ten grams, metal dealers said.
Spot gold was quoted at $1,229 an ounce, when it got support nearly $8 an ounce in modest trading session.
Trading was firm in the physical sector and buyers are waiting for gold to go lower before buying again.
We can expect prices to be largely confined to a similar kind of range, said Humayoon Ahmad Mani, senior member of Karachi Gold Market Association.
Hedgers made forward deals, keeping in view gold Futures price during trading session. Gold price would remain under leading manipulators in India, Pakistan and other major gold buying countries, as they busy influencing current prices and gold Futures.
The gold hedgers made some cautious deals. The general 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.
Published in Daily Times, July 16th , 2017.