Daily Times

KARACHI: Yellow metal prices in domestic and international market remained firm, as demand by leading buyers and gold hedgers witnessed some improvement.

However, leading gold stakeholders in international market remained active in manipulating Gold Futures during trading session along with keeping an eye on the future output report.

Gold closed at $1,325 an ounce with $6 upward variation in value as compared to previous trading session and domestic bullion price witnessed firm trend. Gold in tola term remained up in value by Rs 261 per tola to close at Rs 57,368 pet tola while in grammage value gold remained up by Rs 224 per ten grams to close at Rs 49,236 per ten grams.

Physical price would hover within a difference of Rs 900 to Rs 1,000 per 10 grams and the domestic bullion market was using more than 90 percent of the recycled gold stocks for daily use.

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 remained on sidelines but traders made future deals to their needs. Local trading in gold remained dull on back of insignificant buying.

Published in Daily Times, May 12^th 2018.