KARACHI: The yellow metal’s price on global and domestic markets witnessed an upward improvement on technical grounds and trading activity remained firm as major stakeholders made deals and remained busy manipulating future prices during the trading sessions.
The gold price would be under the influence of leading manipulators till March 2017, experts opined. Gold closed at $1,222 an ounce with a $10 upward variation in value as compared to the previous trading session and domestic bullion price witnessed the same trend. Gold in tola terms was up by Rs 436 a tola to close at Rs 47,960 per tola while in grammage value, gold remained up by Rs 374 per ten grams to Rs 41,162 per ten grams, dealers 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. The gold hedgers made some cautious deals. The general buyers remained on the sidelines anticipating a further easing of the price in the forthcoming days on the dollar-rupee parity.
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