KARACHI: The yellow metal price in international and domestic markets eased and witnessed correction on technical grounds while interest of leading trading groups remained dull and buyers with liquidity consolidated their long positions to make some gains, traders said.
Gold closed at $1,220 an ounce with $8 downward change comparing to previous day price while domestic bullion price witnessed same phase. Gold in tola term down by Rs 329 per tola and stayed at Rs 47,879 per tola while in grammage value, gold closed at Rs 41,092 per ten grams with Rs 281 an ounce downward correction, dealers said.
The buyers with liquidity kept maintaining gold price as they along with gold hedgers remained busy in manipulating trade and buyers with less liquidity remained cautious for making any sizeable deal in anticipation of downward adjustment in price. The potential buyers at home remained confident dollar-rupee parity and oil prices continuous fall would keep gold prices within buyers’ reach.
Buyers made deals according to their immediate need while general buyers remained on sideline. Local trading in gold remained dull on back of insignificant buying.
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