Daily Times

Yellow metal price in domestic and international market remained on technical correction with slight improvement in physical retail prices as it was traded in open band.

Investors in leading trading countries and in Pakistan made deals on Gold Future speculation level avoiding any big move.

Domestic bullion price witnessed fractional trend. Gold in tola term remained up by Rs 99 per tola to close at Rs 58,820 per tola and in grammage value gold was firm with Rs 54 per ten grams to close at Rs 50,544 per ten grams. Spot gold was quoted at $1,223 an ounce, when it closed $4 cents high in karat selective trade. Trading was light in the physical sector and buyers are waiting for gold to go further lower before buying again. it is expected prices to be largely confined to a similar kind of range.

Buyers are not keen to take new positions ahead of any possible economic move by US treasury. Hedgers made forward deals, keeping in view gold Futures price during trading session.

Gold price would remain under leading manipulators in India, Pakistan and other major gold buying countries, as they were busy influencing current prices and gold Futures.

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.

Published in Daily Times, July 29^th 2018.