KARACHI: Gold price inched up in the domestic and international market following improved demand from hedgers and leading investors.
Yellow metal closed at $1,348 per ounce in international market with an increase of $1 cents an ounce.
Gold Futures speculations would likely keep the level of buying by secondary buyers maintaining bottom-line prices.
Bullion price in Karachi recorded a rise of Rs 56 per ten grams to Rs 48,004 per ten grams. In per tola term, gold prices stood at Rs 55,933 per tola after Rs 66 increase.
Stability in gold prices can be attributed to improved demand by investors and short supply fears on output report.
It is said physical price would hover within a difference of Rs 200 to Rs 300 per 10 grams and the domestic bullion market was using more than 90 percent of the recycled gold stocks for daily use. Current prices would remain stay for some times and it is expected gold to get expensive substantially by Rs 3 per tola on better demand.
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. Buyers made deals according to their immediate needs. Local trading in gold remained dull on back of insignificant buying.
Published in Daily Times, February 20th 2018.
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