Daily Times

Gold-Futures speculations and noticeable buying kept yellow metal price under upward correction in mid of trading sessions, metal traders said.

However buyers in international and domestic market indulged in Futures-output related buying and speculative buying, they maintained.

The metal dealers said the commodity has been witnessing continuous correction phase with meager price downward trend. But all depends on Futures outlook of hedgers and gold speculators who have been controlling over baseline value of yellow metal, said experts.

Gold prices would remain in green in the next couple of weeks when gold was expected to get expensive substantially by Rs 600 to Rs 1,000 per tola on private buyers and retailers’ demand. The gold trading closed at $1,232 an ounce in international market with $3 an ounce rise in price.

In domestic market yellow metal gained Rs 131 per tola to stay at Rs 59,293 per tola while in term of grammage it close at Rs 50,888 per ten grams with a gain of Rs 112 per ten grams, metal traders said.

The gold price remained in the hands of manipulators in India, Pakistan and other major gold buying countries, as they remained busy influencing current prices and Futures on speculations. The potential buyers in India and Pakistan remained busy in hedging.

However 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.

Local dealers said the domestic gold prices decline/rising is depending in line with the trend of global gold markets. But, the increase is usually not as much as takes place internationally because people stop buying the metal when prices are too high.

Published in Daily Times, July 22^nd 2018.