Yellow metal closed at $1,397 per ounce in international market with an increase of 50 cents an ounce.
According to gold dealers the bullion price in Karachi recorded a rise of Rs 10 per ten grams to Rs 48,285 per ten grams. In per tola term, gold prices stood at Rs 56,260 per tola with an increase of Rs 20 per tola.
Stability in gold prices came under improved investment demand by investors and short supply fears on output report.
It is said physical price would hover within a difference of Rs 650 to Rs 850 per 10 grams and the domestic bullion market was using more than 90 percent of the recycled gold stocks for daily use.
The current prices would remain stay for some times and it is expected gold to get expensive substantially by Rs 500 to Rs 600 per tola on better demand.
The gold price remained in 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 made deals according to their immediate needs. Local trading in gold remained dull on back of insignificant buying.
Published in Daily Times, May 25th 2018.
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