Gold price remained under correction on petty demand and adjustment in physical prices in domestic and international market. Physical trading remained insignificant. Metal stood dull in value by $11 an ounce to stay at $1,176 an ounce in international market.
Metal price in domestic market witnessed a decline of Rs 464 per ten grams to stay at Rs 45,323 per ten grams. In tola term gold declined by Rs 541 per tola to close at Rs 53,974 per tola.
Gold prices remained under pressure on speculations and dull investment and transitory prospects of futures and buffer stocks inventories put buyers at bay.
Fund managers pumped money into soft commodities in international and domestic market keeping better future prospects to get gains.
Speculators remained vigilant on international output and inflows of treasury gold into bullion market.
Buying in domestic market remained dull however potential buyers and goldsmiths and jewellery sector made some deals. General buyers made deals according to their immediate needs. Local trading in gold remained dull on back of insignificant buying and less liquidity.
Published in Daily Times, August 17th 2018.
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