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 $1,200 an ounce in international market with 30 cents an ounce upward correction in price.

In domestic market yellow metal stood at Rs 55,690 per tola with Rs 39 per tola increase while in term of grammage it close at Rs 47,769 per ten grams with a gain of Rs 18 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. The potential buyers in India and Pakistan remained busy in hedging.

However 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, September 25^th 2018.