Daily Times

The gold price in global and domestic markets closed on weakening note on Gold Futures correction and dull demand from metal speculators and hedgers, metal traders said.

Trading activity remained future-speculation based as major stakeholders remained busy manipulating Future price during the trading session.

The short and long term trading put pressure on physical price however price would be firm in next couple of days as the metal was still in leading hands by end 2018, metal experts opined.

Gold closed at $1,205 an ounce with $5 downward variation in value as compared to previous trading session and domestic bullion price witnessed same trend.

Gold in tola term down by Rs 278 a tola to close at Rs 60,439 per tola while in grammage value, gold remained down by Rs 240 per ten grams to Rs 51,871 per ten grams, dealers said.

The gold price remained in the hands of leading manipulators in India, Pakistan and other major gold buying countries, as they remained busy influencing current prices and Gold Futures. The potential buyers in India and Pakistan remained busy in hedging.

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, November 13^th 2018.