The gold price would be remained under leading hands by December 2018. Gold closed at $1,230 an ounce with $2 downward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term down by Rs 164 a tola to close at Rs 59,129 per tola while in grammage value, gold remained down by Rs 141 per ten grams to Rs 50,747 per ten grams.
The manipulators in India, Pakistan and other major gold buying countries remained in driving seat for controlling gold Futures. They remained busy influencing current prices and Futures on speculations. The potential buyers in India and Pakistan avoided big move on matter of hedging. The gold hedgers made some cautious deals. The general buyers remained on sidelines anticipating 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 24th 2018.
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