KARACHI: The improved demand of yellow metal in international and domestic markets witnessed some upward correction while buyers consolidated their long positions by making forward deals.
However, gold futures deals by leading traders remained firm and hedging pushed gold market buying green.
The gold price was still within the reach of buyers in international and domestic markets during the trading session. Gold closed at $1,269 an ounce with $5 upward variation, while domestic bullion price also witnessed same trend.
Gold in tola term closed at Rs 49,845 with a gain of Rs 248 while in grammage value, gold closed at Rs 42,779 per ten grams, up by Rs 212 a gram, traders said.
Leading buyers and hedgers in markets have control over gold future, while improvement in future output was on cards. Traders remained busy in making forward deals. The future market would get more strength in coming days on back of hedging by speculators. The potential buyers remained busy in hedging as they were maintaining the market mechanism, traders said.
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