Daily Times

KARACHI: The yellow metal price in international and domestic markets witnessed downward correction on sluggish trading and remained under gold Future speculations, metal traders said.

The interest of leading trading groups remained insignificant and hedgers due to less liquidity took no interest, metal traders said.

Gold closed at $1,274 an ounce with $20 an ounce downward change comparing to previous day price while domestic bullion price also witnessed same trend. Gold in tola term down by Rs 239 per tola and stayed at Rs 57,554 per tola while in grammage value, gold closed at Rs 49,395 per ten grams with Rs 206 an ounce downward correction, metal dealers said.

The buyers with liquidity along with gold hedgers kept maintaining day-price within the buyers’ reach besides remained busy in manipulating trade. Buyers with less liquidity in anticipating further decline in general price remained cautious for making sizeable deals. The potential buyers at home remained confident dollar-rupee parity and oil prices fall would keep gold prices within buyers’ reach.

Secondary buyers made deals according to their immediate need while general buyers remained on sideline. Domestic trading in gold remained dull on back of insignificant buying.

Published in Daily Times, June 20^th 2018.