Major leading buyers in major countries and in Pakistan made moderate deals ahead of Futures Gold price and output report besides hedgers pumped money into hedging above normal level of day-average. It may decide changes in basic prices and would signal its future course of action.
Domestic bullion price witnessed upward trend. Gold in tola term gained Rs 788 per tola to close at Rs 59,162 per tola while in grammage value gold remained up by Rs 676 per ten grams to close at Rs 50,776 per ten grams.
Spot gold was quoted at $1,229 an ounce in international market, when it got support nearly $16 an ounce in trading session.
Trading was firm in the physical sector and buyers are waiting for gold to go lower before buying again.
Hedgers made forward deals, keeping in view gold Futures price during trading session.
Buyers made deals according to their immediate needs. Local trading in gold remained dull on back of insignificant buying.
Published in Daily Times, July 21st 2018.
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