Daily Times

KARACHI: The demand of yellow metal in international and domestic markets sustained upward correction while leading buyers consolidated their long positions by making forward deals on Gold Futures output reports.

However gold Futures deals by traders remained steady and hedging remained central point of gold market’s green sentiments.

Gold price was still within the reach of buyers in international and domestic markets during trading session. Gold closed at $1,350 an ounce with $4 upward variation while domestic bullion price also witnessed same trend. Gold in tola term closed at Rs 58,481 with a gain of Rs 113 per tola while n grammage value, gold closed at Rs 50,191 per ten grams, up by Rs 97 a gram, traders said.

Buyers and hedgers in markets still have control over gold futures while improvement in future output on cards. Traders remained busy in making forward deals. The future market would get more strength in coming days on back of hedging by speculators. The potential buyers remained busy in hedging as they were maintaining the market mechanism, traders said.

The gold hedgers made some cautious deals. The general buyers remained on sidelines anticipating easing in price in coming days on dollar-rupee parity.

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

Published in Daily Times, April 20^th 2018.