Daily Times

The gold price in global and domestic market retained value after successive three descending phase on improved Gold Future speculations on general prices however less volumes were traded, metal traders said.

Meanwhile business activity remained Gold Future speculative on basis of gold manipulation by leading traders and output outlook during the trading session. Hedging remained on short term basis.

The gold price would be remained under leading hands in 2018, metal experts opined. Gold closed at $1,253 an ounce with $2 upward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term up by Rs 118 a tola to close at Rs 57,145 per tola while in grammage value, gold remained firm by Rs 100 per ten grams to Rs 49,044 per ten grams, metal traders said.

The manipulators in India, Pakistan and other major gold buying countries remained in driving seat for controlling Gold Futures. They remained busy influencing current prices and Futures on speculations. The potential buyers in India and Pakistan remained busy in hedging.

The gold hedgers made some cautious deals. 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 and less liquidity in the market.

Published in Daily Times, July 1^st 2018.