Daily Times

KARACHI: The yellow metal price in the international and domestic markets closed flat on insignificant demand and correction in Gold Futures price while volumes also remained thin, metal traders reported.

In the domestic metal market, business activity remained subdued and leading buyers remained on the sidelines in anticipation of a decline in the general price.

In the international market the trading activity was ready stock focused on Futures output outlook while leading metal speculators and hedgers remained busy in speculation on gold Futures during trading session.

Experts predicted that the Futures gold price would be in the hands of leading stakeholders by July 2017. Gold closed at $1,245 an ounce with no variation in value as compared to the previous trading session and the domestic bullion price witnessed the same trend. Gold in tola terms was down by Rs 4 a tola to close at Rs 48,903 per tola while in grammage value, gold remained down by Rs 4 per ten grams to close at Rs 41,971 per ten grams, dealers said.

Manipulators in India, Pakistan and other major gold buying countries remained busy influencing current gold prices and gold Futures. Potential buyers in India and Pakistan remained busy in hedging.

However, gold hedgers made some cautious deals while general buyers remained on the sidelines anticipating a further ease in price in the coming days on a dollar-rupee parity.

Buyers made deals according to their immediate needs and local trading in gold remained dull on the back of insignificant buying.