Daily Times

KARACHI: Yellow metal price closed depressed in international and domestic markets on back of insignificant demand of buyers and hedgers.

The yellow metal price witnessed downward correction on impasse in output report while trading activity remained speculative on Gold Futures. Current softer demand for currencies has also dent metal trading sentiments.

However hedgers made forward deals, keeping in view of Gold Futures price upward adjustment during the next trading sessions.

The Futures Gold price would be in hands of leading stakeholders by December 2018, experts opined. Gold closed at $1,288 an ounce with $7 downward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term flattened by Rs 316 per tola to close at Rs 55,760 per tola while in grammage value, gold remained dull by Rs 271 per ten grams to close at Rs 47,856 per ten grams.

Gold price would remain under leading manipulators in India, Pakistan and other major gold buying countries, as they busy influencing current prices and gold Futures. The potential buyers in India and Pakistan remained busy in hedging.

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.

Hedging of gold was inching towards 15 percent on average whenever gold price comes under correction.

Published in Daily Times, May 17^th 2018.