Daily Times

KARACHI: Yellow metal price in international and local markets stood in green during trading, as there was some demand due to interest of major buyers and gold hedgers, metal traders said.

The stakeholders remained active in manipulating Gold Futures during trading session along with keeping an eye on the future output.

Correction and improved demand for hedging kept Gold Futures firm while gold closed at $1,238 an ounce with $7 an ounce upward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term up by Rs 285 per tola and stayed at Rs 48,608 per tola while in grammage value, gold remained up by Rs 244 per ten grams to close at Rs 41,717 per ten grams, dealers said.

It is said physical price would hover within a difference of Rs 900 to Rs 1,200 per 10 grams and the domestic bullion market was using more than 90 percent of the recycled gold stocks for daily use, metal dealers said.

They said the current prices would remain stay for some times and it is expected gold to get expensive substantially by Rs 1,000 to Rs 1,200 per tola on better demand.

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.

Buyers made deals according to their immediate needs. Local trading in gold remained dull on back of insignificant buying.