KARACHI: The yellow metal price in global and domestic markets remained strong on back of pressure on leading currencies besides business activity remained firm on basis of gold Futures manipulation by major stakeholders during the trading session.
The gold price would be remained under leading hands by September 2016, experts opined. Gold closed at $1,329 an ounce with $62 upward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term up by Rs 2,523 a tola to close at Rs 52,073 per tola while in grammage value, gold remained up by Rs 2,166 per ten grams to Rs 44,692 per ten grams, dealers said.
The gold price 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. The potential buyers in India and Pakistan remained busy in hedging.
The gold hedgers made some cautious deals. The general buyers remained on sidelines anticipating 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.