The yellow metal price witnessed upward correction on impasse in output report while trading activity remained speculative on Gold Futures. However hedgers made forward deals, keeping in view of Gold Futures price upward adjustment during the next trading sessions.
Gold closed at $1,300 an ounce with $1 upward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term stood firm by Rs 100 per tola to close at Rs 56,451 per tola while in grammage value, gold remained firm by Rs 80 per ten grams to close at Rs 48,412 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.
Published in Daily Times, June 12th 2018.
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