KARACHI: The yellow metal price in global and domestic markets closed in the red on dull interest by buyers and Gold Futures speculations on short term buying.
Buyers remained reluctant in making any sizeable deal on better output report while stocks attracted investors on rally. Buyers in immediate needs made deals on short term basis. Long term basis deals changed hands on low web. The Gold Futures speculations would keep market in dull zone on uncertainty of output outlook.
Buyers purchased metal on Gold Futures speculation and some forward deals were also noticed as speculators tried to keep market sentiments normal on daily-average level prices.
The trading activity remained future-speculation based as market players remained busy in paper work on inventories for future dealings.
The Gold Futures price would be irrational as the major traders in metal dealing were missing the real price and speculative price mechanism. Gold closed at $1,334 an ounce with $7 an ounce downward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term down by Rs 144 a tola to close at Rs 55,334 per tola while in grammage value, gold remained dull by Rs 135 per ten grams to Rs 47,491 per ten grams.
The gold price remained in the hands of leading manipulators in India, Pakistan and other major gold trading countries, as they remained busy influencing current prices and gold Futures. Secondary buyers bought metal according to their immediate needs. Local trading in gold remained dull on back of insignificant buying and liquidity issue.
Published in Daily Times, January 17th 2018.