Gold price closes subdued on technical correction

Karachi-Pakistan (Mar 19)  The yellow metal's price in global and domestic markets witnessed technical correction to keep physical prices on modest level besides to avoid any possible panic on anticipated output on cards, metal traders said.

Trading activity remained dull on gold future-speculation, however hedgers in major bullion markets made forward deals, keeping in view gold futures price during trading session.

The future gold price would be in hands of leading brokers by April 2017, metal experts opined. Gold closed at $1,229 an ounce with $2 downward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola flattened by Rs 79 per tola to close at Rs 48,256 per tola, while in grammage value, gold remained dull by Rs 67 per ten grammes to close at Rs 41,416 per 10 grammes, metal dealers said.

Gold price would remain under leading manipulators in India, Pakistan and other major gold buying countries, as they are 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 the back of insignificant buying.

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