Stocks uncertainty and value of certain currencies also influencing gold trade as traders are not keen to take new positions and it is expected general prices to be largely confined to a similar kind of range.
Spot gold was quoted at $1,219 an ounce, with $10 an ounce downward change on lower than expected demand from buyers.
Despite the recent past correction, gold prices are forecast to rise across remainder months of 2018.
Trading was light in the physical sector in domestic gold market. Metal lost Rs 549 per tola to close at Rs 58,862 per tola and down by Rs 471 per ten grams to close at Rs 50.518 per ten grams. Buyers with less liquidity are basically waiting for yellow metal to go further lower before buying again.
Secondary buyers made deals according to their immediate need while general buyers remained on sideline. Domestic trading in gold remained dull on back of insignificant buying.
Domestic dealers said the home 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 28th 2018.
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