Yellow metal price in international and domestic markets remained under correction on Futures outlook of output during trading, while demand remained below the normal days’ average, metal traders said.
However maneuvering of major buyers and gold hedgers on price put general price of metal stable, traders said.
The stakeholders remained active in manipulating Gold Futures during trading session along with keeping an eye on the future output. Correction and normal demand for hedging kept Gold Futures firm while gold closed at $1,255 an ounce with $8 variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term down by Rs 384 per tola and stayed at Rs 57,205 per tola while in grammage value, gold remained dull by Rs 330 per ten grams to close at Rs 49,096 per ten grams, dealers said.
It is said physical price would hover within a difference of Rs 900 to Rs 1,200 per 10 grams and the domestic bullion market was using more than 90 percent of the recycled gold stocks for daily use, metal dealers said.
They said the current prices would remain stay for some times and it is expected gold to get expensive substantially by Rs 1,000 to Rs 1,200 per tola on better demand.
The gold price remained in the hands of manipulators in India, Pakistan and other major gold buying countries, as they remained busy influencing current prices and futures on speculations. The potential buyers in India and Pakistan remained busy in hedging.
Buyers made deals according to their immediate needs. Local trading in gold remained dull on back of insignificant buying.
Published in Daily Times, July 11th 2018.