Daily Times

KARACHI: The physical prices of yellow metal in international and domestic market recovered and closed in green on improved Gold Futures correction while buyers with liquidity consolidated their long positions by making forward deals.

However Gold Futures deals by traders remained under speculations and hedging pushed gold market’s buying under ready market price.

Gold price was still within the reach of buyers in international and domestic markets during trading session. Gold closed at $1,289 an ounce with $4 increase and maintaining upward trend and domestic bullion price also witnessed improvement.

Gold in tola term closed at Rs 50,903 with a gain of Rs 230 per tola while in grammage value, gold closed at Rs 43,687 per ten grams, up by Rs 122 a gram, metal traders said.

Buyers and hedgers in market have control over Gold Futures while improvement in Future Gold output on cards. Traders remained busy in making forward deals. The Future market would get more strength in coming days on back of hedging by speculators. The potential buyers remained busy in hedging as they were maintaining the market mechanism, metal traders said.

The leading gold hedgers made some cautious deals. 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. Local trading in gold remained dull on back of insignificant buying.

Published in Daily Times, August 22^nd 2017.