Trading activity remained gold Futures speculative as leading stakeholders made cautious deals to put physical price on track and hedgers remained busy manipulating Futures price during the trading session.
The metal price would be remained under leading hands in 2018, metal experts opined. Gold closed at $1,222 an ounce with around $1 upward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term up by Rs 687 a tola to close at Rs 56,806 per tola while in grammage value, gold remained up by Rs 589 per ten grams to Rs 48,754 ten grams, dealers said.
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.
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, August 2nd 2018.
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