Daily Times

KARACHI: Yellow metal price closed depressed as prime hedgers and investors negated making any significant move on possible report of better output that may decide Gold Futures deals on short and long term basis.

Stocks uncertainty and value of certain currencies also influencing gold trade as traders are not keen to take new positions and it is expected general prices to be largely confined to a similar kind of range.

Spot gold was quoted at $1,323 an ounce, with $17 an ounce downward change on lower than expected demand from buyers. Despite the recent past correction, gold prices are forecast to rise across remainder of 2018.

Trading was light in the physical sector in domestic gold market. Metal lost Rs 750 per tola to close at Rs 54,897 per tola and down by Rs 643 per ten grams to close at Rs 47.116 per ten grams. Buyers with less liquidity are basically waiting for yellow metal to go further lower before buying again. Secondary buyers made deals according to their immediate need while general buyers remained on sideline. Domestic trading in gold remained dull on back of insignificant buying.

Domestic dealers said the home gold prices decline/rising is depending in line with the trend of global gold markets. But, the increase is usually not as much as takes place internationally because people stop buying the metal when prices are too high.

Published in Daily Times, February 8^th 2018.