Yellow metal price witnesses downward correction

Yellow metal price witnesses downward correction

KARACHI: The yellow metal price in international and domestic markets witnessed downward correction on sluggish trading and remained under gold Future speculations, metal traders said.

The interest of leading trading groups remained insignificant however hedgers with liquidity consolidated their long positions to make gains, metal traders said.

Gold closed at $1,281 an ounce with $4 an ounce downward change comparing to previous day price while domestic bullion price also witnessed same trend. Gold in tola term down by Rs 166 per tola and stayed at Rs 50,297 per tola while in grammage value, gold closed at Rs 43,167 per ten grams with Rs 143 an ounce downward correction, metal dealers said.

The buyers with liquidity along with gold hedgers kept maintaining day-price within the buyers' reach besides remained busy in manipulating trade. Buyers with less liquidity in anticipating further decline in general price remained cautious for making sizeable deals. The potential buyers at home remained confident dollar-rupee parity and oil prices fall would keep gold prices within buyers' reach.

Secondary buyers made deals according to their immediate need while general buyers remained on sideline.