In domestic metal market, business activity remained subdued and leading buyers remained on sidelines in anticipation of further decline in general price.
In international market the trading activity was ready stock focused on Futures output outlook while leading metal speculators and hedgers remained busy in speculation on gold Futures during trading session.
The Futures gold price would be in hands of leading stakeholders by December 2018. Gold closed at $1,266 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 remained down by Rs 22 per tola to close at Rs 57,467 per tola while in grammage value gold remained down by Rs 15 per ten grams to close at Rs 49,390 per ten grams.
Manipulators in India, Pakistan and other major gold buying countries remained busy influencing current gold prices and gold Futures. The potential buyers in India and Pakistan remained busy in hedging.
However 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.
Published in Daily Times, June 22nd 2018.
In August 2023, Pakistan submitted its consolidated sixth and seventh periodic reports to the UNCRC…
United States presidential election was held on Tuesday, November 5, 2024, in which Donald Trump…
Since being entrusted to the Punjab Model Bazaar Management Company (PMBMC) in 2016, Model Bazaars…
Lahore's air quality has reached critical levels, with recent AQI (Air Quality Index) readings soaring…
Fog, smog or a clear sunny day, traffic accidents have sadly become a daily occurrence…
PM Shehbaz Sharif has stressed the urgent need for developed nations to take responsibility for…
Leave a Comment