Daily Times

Gold-Futures speculations and insignificant buying by leading buyers kept metal prices under downward technical correction while buyers in international and domestic market made cautious deals on Futures-output related reports, metal traders said.

The metal dealers said the commodity has been witnessing continuous technical correction and price trend since last some weeks with some recession gained on some improvement. But all depends on Futures outlook of hedgers and gold speculators who are controlling over baseline value of metal, said metal experts.

Gold prices would come in firm zone during next couple of weeks when gold was expected to get expensive substantially by Rs 900 to Rs 1,200 per tola on private buyers and retailers’ demand. The gold trading closed at $1,251 an ounce in international market with no change in price.

In domestic market yellow metal shed Rs 310 per tola to stay at Rs 56,938 per tola while in term of grammage it closed at Rs 48,867 per ten grams with a loss of Rs 266 per ten grams, traders said. 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 Futures on speculations. The potential buyers in India and Pakistan remained busy in hedging.

Published in Daily Times, June 29^th 2018.