Daily Times

Interest of potential buyers and hedgers provided strength to gold price besides hedging and composite gold Futures and speculation on output in international and domestic market kept yellow metal price in green.

Demand of metal also improved on investors’ demand in the country following demand in international market.

According to them spot gold an ounce price was quoted up by $19 to settle at $1,208 an ounce.

Bullion price in Karachi recorded a rise of Rs 1,244 per tola to Rs 55,200 per tola. In per ten grammage term, gold prices witnessed an increase of Rs 1,009 to close at Rs 47,375 per ten grams.

Cautious buying kept goldsmiths and jewellery sector from making hefty deals.

The gold hedgers made deals. The secondary buyers remained on sidelines anticipating 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 and less liquidity in the market.

Published in Daily Times, October 12^th 2018.