Daily Times

KARACHI: Yellow metal price in domestic and international market witnessed no change on insignificant buying as leading stakeholders and hedgers kept manipulating the ready-market physical prices, metal traders said.

Hedgers made deals on reports of output that could determine Futures of Gold and bottom-line prices, metal dealers said.

Spot gold was quoted at $1,269 an ounce with no change. However leading players provided strength to physical prices on Futures speculative. The correction in spot gold price in future would influence general prices, metal traders said.

Domestic bullion price also witnessed same trend. Gold in tola term down by Rs 12 per tola to close at Rs 57,809 per tola while in grammage value, gold remained at Rs 49,615 per ten grams with Rs 9 per ten grams correction, dealers said.

Trading remained according to physical demand while secondary buyers kept waiting for gold price to go lower before coming out of output report.

We can expect prices to be largely confined to a similar kind of range, said a senior member of Karachi Gold Market Association. Hedgers made forward deals, keeping in view gold Futures price during trading session.

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 gold hedgers made deals for secondary selling. The general buyers remained on sidelines anticipating 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 on less liquidity.

Published in Daily Times, June 24^th 2018.