KARACHI: The physical prices of the yellow metal in international and domestic markets remained in the green and sustained improvement on Gold Futures correction while buyers with liquidity consolidated their long positions by making forward deals.
However Gold Futures deals by traders remained under speculations and hedging pushed gold market’s buying under ready market price.
Gold price was still within the reach of buyers in international and domestic markets during trading session. Gold closed at $1,257 an ounce with $6 increase and maintaining upward trend and domestic bullion price also witnessed improvement. Gold in tola term closed at Rs 49,350 with a gain of Rs 208 per tola while in grammage value, gold closed at Rs 42,355 per ten grams, up by Rs 179 a gram, metal traders said. Buyers and hedgers in market have control over Gold Futures while improvement in Future Gold output 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, metal traders said.
Published in Daily Times, June 24th, 2017.
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