Daily Times

KARACHI: Gold price closed flat on international and domestic markets on the back of corrections in Futures on better output forecasts, metal traders said.

Gold remained flat at $1,213 an ounce while the metal closed at Rs 47,635 per tola, down by Rs 6 per tola in the country, traders said.

The yellow metal was down by Rs 5 per ten grams to stay at Rs 40,883 per ten grams on low demand by hedgers and dealers, importers and traders said.

Major currencies witnessed some downward correction that has lured investors to take positions, traders said.

The correction is set to be short-lived as buying from long-term investors would witness some improvement in the price, said traders.

The price of gold is an amalgam of diverse and changing influences, from currencies to jewellery, from investors to speculators.

The low demand of the yellow metal in international and domestic markets and a downward correction in Futures depressed metal prices while hedgers consolidated their long positions by making forward deals.

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

Buyers and hedgers in markets have control over gold Futures and traders remained busy in making forward deals.

The gold speculators took some cautious steps in order to minimize a further fall in the price in the coming days. The general buyers remained on the sidelines anticipating a further easing of the price in the forthcoming days on the dollar-rupee parity.

Buyers made deals according to their immediate needs. Local trading in gold remained dull on back of insignificant buying.