The leading market players remained busy in speculations as the metal was still in leading hands by December 2018. Gold closed at $1,255 an ounce with 50 cents an ounce variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term down by Rs 89 a tola to close at Rs 57,146 per tola while in grammage value, gold remained dull by Rs 76 per ten grams to Rs 49,046 per ten grams.
The gold price remained in the hands of leading manipulators in India, Pakistan and other major gold buying countries, as they remained busy influencing current prices and gold Futures. 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 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, July 8th 2018.
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