Daily Times

KARACHI: The yellow metal price in global and domestic markets failed to retain physical price stability after gaining some strength in early trading session on technical ground. Leading hedgers and metal brokers remained busy in future-speculations during the trading session.

The Futures Gold price would remain on track of correction as the metal was still in leading hands. Gold closed at $1,299 an ounce with $2 downward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term down by Rs 35 a tola to close at Rs 56,299 per tola while in grammage value, gold remained down by Rs 27 per ten grams to Rs 48,318 per ten grams.

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 gold Futures. The potential buyers in India and Pakistan remained busy in hedging.

The gold hedgers also 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, May 29^th 2018.