Daily Times

KARACHI: The yellow metal price in global and domestic markets came under depression on correction while volumes remained moderate, traders said. The trading activity remained future-speculation based as hedgers made deals on cautious note during trading session. The Futures gold price would be in hands of leading brokers by December 2016, experts opined. Gold closed at $1,316 an ounce with $10 downward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term down by Rs 775 a tola to close at Rs 51,190 per tola while in grammage value, gold remained dull by Rs 661 per ten grams to Rs 43,934 per ten grams, dealers said. Gold price remained in 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.