Daily Times

KARACHI: The yellow metal price in international and domestic markets remained under correction on less interest of leading trading groups while buyers with liquidity consolidated their long positions to make some gains, traders said.

Gold closed at $1,294 an ounce with $3 upward change comparing to previous day price while domestic bullion price witnessed same phase. Gold in tola term up by Rs 136 per tola and stayed at Rs 50,785 per tola while in grammage value, gold closed at Rs 43,586 per ten grams with Rs 116 an ounce dip, 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.