KARACHI: The yellow metal price gained strength and closed in green on Gold Future output outlook and upward technical correction in the international and domestic market following prospective hedging increased metal $4 per ounce in international market. It closed at $1,249 an ounce. According to gold dealers, the bullion price in Karachi recorded Rs501 per ten-gram upward correction to stay at Rs 49,279 per tola. Similarly gold prices in Lahore stood Rs 49,010 per tola, in Hyderabad Rs 48,920 per tola and in Multan Rs49,000 per tola, they said. In per grammage term, gold price rose by Rs431 per ten grams to Rs42,294 per ten grams, metal traders said. Humayun Ahmad, a metal expert, attributed the firmness in gold prices to moderate investment and demand by investors. He said gold would remain in range of $1,260 an ounce and the commodity in rupee term would stand around Rs49,750 per tola on the back of moderate interest of the investors as they prefer to allocate money to sectors that would make money, either in stocks or in share market. The gold hedgers made deals on long-term basis. The secondary buyers remained on sidelines anticipating easing in price in coming days on dollar-rupee parity. Buyers made deals according to their immediate needs. Domestic trading in gold remained dull on back of insignificant buying. Published in Daily Times, July 22nd , 2017.