Daily Times

KARACHI: Yellow metal price closed in red in the international and domestic market on the back of speculations on favourable output outlook and technical correction in Gold Futures, metal traders said.

Gold remained down at $1,231 an ounce with a decline of $6 an ounce in the international market while domestic metal closed at Rs 48,323 per tola, down by Rs 224 per tola. In grammage, gold closed at Rs 41,388 per ten grams, witnessing a decrease of Rs 192 per ten grams.

Demand by hedgers, dealers, and importers remained less than normal on average which put metal’s general price in depression, according to traders. They also shared that major currencies witnessed some correction which has lured investors to take positions, adding that the correction is set to be short-lived as buying from long-term investors will witness some improvement in price.

The price of gold is an amalgam of diverse and changing influences, from currencies to jewellery, from investors to speculators.