Daily Times

Yellow metal price remained depressed in international and domestic bullion market on Futures correction and dull trading as metal speculators anticipating output report in favour of buyers besides prolonged overall international inflationary conditions and US-China trade war.

Gold trading closed at $1,227 an ounce with $3 downward correction after report that showed US-China trade would likely to remain unresolved.

We saw a little bit of physical buying because the market is below the past month high, referring to demand from hedgers and jewellers.

In tola terms gold touched a low at Rs 61,066, shedding Rs 196 per tola and in per grammage value, it stood dull by Rs 98 to stay at Rs 52,513 per ten grams.

The price of gold is an amalgam of diverse and changing influences, from currencies to jewellery, from investors to speculators. It cannot be seen in isolation as a metal, but must be understood as a Global Thermometer measuring monetary, political, economic, stability as well as the raw demand/supply features of the metal itself.

Gold price was still within the reach of buyers in international and domestic markets during trading session.

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, October 18^th 2018.