Major leading buyers in major countries and in Pakistan made moderate deals ahead of Futures Gold price and output report besides hedgers pumped money into hedging above normal level of day-average. It may decide changes in basic prices and would signal its future course of action.
Domestic bullion price witnessed firm trend. Gold in tola term gained Rs 162 per tola to close at Rs 59,120 per tola while in grammage value gold remained up by Rs 135 per ten grams to close at Rs 50,876 per ten grams.
Spot gold was quoted at $1,223 an ounce in international market, when it got support nearly $1 an ounce during trading session.
Trading was firm in the physical sector and buyers are waiting for gold to go lower before buying again.
Hedgers made forward deals, keeping in view gold Futures price during trading session. Buyers made deals according to their immediate needs. Local trading in gold remained dull on back of insignificant buying.
Published in Daily Times, July 31st 2018.
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