The yellow metal price closed firm on Gold Future output outlook and upward technical correction in international and domestic market. Following prospective hedging price increased by $3 an ounce in international market. It closed at $1,231 an ounce.
The bullion price in Karachi recorded Rs 735 per ten grams upward correction to stay at Rs 52,595 per ten grams.
In per tola term, gold increased by Rs 831 per tola to stay at Rs 61,282 per tola.
The gold hedgers made deals on short term basis. 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. Domestic trading in gold remained dull on back of insignificant buying.
Published in Daily Times, October 17th 2018.
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