Daily Times

The yellow metal price in global and domestic markets retained some value on demand and speculation-based buying while buying remained within reach of leading buyers on Gold Futures speculation.

Improved demand from metal speculators, metal’s physical price stood within strong daily-average level, metal traders said.

The trading activity also remained future-speculation based as leading market players remained busy manipulating Gold Future price during the trading session, traders said.

The Gold Futures price would be paradox as the major traders in metal dealing were missing the real output level as next three months remained speculative on price mechanism, metal experts opined. Gold closed at $1,242 an ounce with $3 upward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term up by Rs 124 a tola to close at Rs 56,772 per tola while in grammage value, gold remained up by Rs 107 per ten grams to Rs 48,553 per ten grams, metal dealers said.

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 15^th 2018.