Daily Times

gold-Futures speculations and insignificant buying kept metal prices under technical correction while buyers in international and domestic market made cautious deals on Futures-output related buying, metal traders said.

They said the commodity has been witnessing continuous downward price trend since a week with few recession gaining some improvement. But all depends on Futures outlook of hedgers and gold speculators who are controlling over baseline value of metal, said metal experts.

Gold prices would come in green during next couple of weeks when gold was expected to get expensive substantially by Rs 600 to Rs 1,000 per tola on private buyers and retailers’ demand. The gold trading closed at $1,208 an ounce in international market with $7 cents an ounce decline in price. In domestic market yellow metal shed Rs 328 per tola to stay at Rs 55,735 per tola while in term of grammage it close at Rs 47,834 per ten grams with a loss of Rs 282 per ten grams, traders 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.

Published in Daily Times, August 7^th 2018.