Daily Times

Gold price inched up in domestic and international market following improved demand from hedgers and leading investors.

Yellow metal closed at $1,204 an ounce in international market with an increase of $1 an ounce.

Gold Futures speculations would likely to keep level of buying by secondary buyers maintaining bottom-line prices.

Bullion price in Karachi recorded a rise of Rs 57 per ten grams to Rs 47,600 per ten grams. In per tola term, gold prices stood at Rs 55,234 per tola after Rs 79 increase.

Stability in gold prices can be attributed to improved demand by investors and short supply fears on output report.

It is said physical price would hover within a difference of Rs 500 to Rs 700 per 10 grams and the domestic bullion market was using more than 90 percent of the recycled gold stocks for daily use.

Current prices would remain stay for some times and it is expected gold to get expensive substantially by Rs 650 per tola on better demand. 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. Buyers made deals according to their immediate needs. Local trading in gold remained dull on back of insignificant buying.

Published in Daily Times, August 28^th 2018.