Daily Times

KARACHI: Yellow metal price remained depressed in international and domestic bullion market on Futures correction and dull trading as metal speculators anticipating output report in favour of buyers besides prolonged overall international inflationary conditions.

Gold was trading at $1,324 an ounce with $12 downward correction after report that showed US-China trade war would remain to continue.

We saw a little bit of physical buying because the market is below the past month high, referring to demand from hedgers and jewellers.

In tola terms gold touched low at Rs 57,384 losing Rs 461 per tola and in per grammage value, it stood dull by Rs 396 to stay at Rs 49,250 per ten grams.

The price of gold is an amalgam of diverse and changing influences, from currencies to jewellery, from investors to speculators.

It cannot be seen in isolation as a metal, but must be understood as a Global Thermometer measuring monetary, political, economic, stability as well as the raw demand/supply features of the metal itself.

Gold price was still within the reach of buyers in international and domestic markets during trading session.

The gold hedgers made some cautious deals. The general buyers remained on sidelines anticipating further 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 24^th 2018.