Gold price sustains firm trend amid improved demand

Gold price sustains firm   trend amid improved demand

KARACHI: Gold prices sustained a firm trend in the country and the international market following improved demand from hedgers and leading investors, metal traders reported.

The yellow metal closed at $1,231 per ounce in the international market with an increase of $6 cents an ounce.

According to gold dealers, the bullion price in Karachi recorded a rise of Rs 194 per ten grams to Rs 41,483 per ten grams.

Similarly, gold prices in Lahore stood Rs 41,445 per ten grams, in Hyderabad it remained Rs 41,421 per ten grams and in Multan it stood around Rs 41,400 per ten grams, they added.

Humayun Ahmad Mani, a dealer, attributed the stability in gold prices to improved investment demand by investors and short supply fears on output report.

He said the fund managers pumped more money into commodities ahead of the quarter-end in the international market.

It is predicted that the physical price would hover within a difference of Rs 600 to Rs 900 per 10 grams and the domestic bullion market was using more than 90 percent of the recycled gold stocks for daily use.

Dealers reported that the current prices would remain the same for some time and it is expected that gold will become more substantially expensive by Rs 900 to Rs 1,000 per tola on better demand.

The price of gold remained in the hands of manipulators in India, Pakistan and other major gold buying countries, as they remained busy influencing current prices and futures on speculations. Potential buyers in India and Pakistan remained busy in hedging.

Buyers made deals according to their immediate needs. Local trading in gold remained dull on the back of insignificant buying.