Daily Times

KARACHI: Yellow metal price in domestic and international markets witnessed a strong price trend for buying as leading stakeholders and hedgers kept buying sentiments in the positive, metal traders said.

Hedgers made deals on reports of output that could determine futures of gold and bottom-line prices in the forthcoming days.

Spot gold was quoted at $1,258 an ounce, when it corrected itself upward to $13 an ounce in trade. However leading players provided strength to physical prices on future speculative buying. The correction in spot gold price also influenced general prices, metal traders said.

Domestic bullion price also witnessed the same trend. Gold in tola terms was up by Rs 515 per tola to close at Rs 49,418 per tola while in grammage value, gold remained at Rs 42,406 per ten grams with Rs 435 per ten grams correction, dealers said.

Trading was according to physical demand while secondary buyers kept waiting for gold price to dip before the release of the output report.

We can expect prices to be largely confined to a similar kind of range, said a senior member of the Karachi Gold Market Association.

Hedgers made forward deals, keeping in view gold futures price during the trading session.

Gold price would remain under leading manipulators in India, Pakistan and other major gold buying countries, as they were busy influencing current prices and gold futures.

The gold hedgers made deals for secondary selling. The general buyers remained on the sidelines anticipating an easing in the price in the coming days on the dollar-rupee parity. Buyers made deals according to their immediate needs. Local trading in gold remained dull on back of insignificant buying on less liquidity.