The major market buyers remained busy in speculations as the metal was still in leading hands by December 2018. Gold closed at $1,213 an ounce with $11 an ounce downward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term down by Rs 99 a tola to close at Rs 56,246 per tola while in grammage value, gold remained dull by Rs 63 per ten grams to Rs 49,346 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 20th 2018.
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