Gold price regains strength on demand

Karachi-Pakistan (Jan 22)  Gold price on international and local markets remained firm, as there was some demand due to interest of major buyers and gold hedgers, metal traders said.

The stakeholders remained active in manipulating gold Futures during trading session along with keeping an eye on the future output.

Gold closed at $1,209 an ounce with $9 an ounce upward variation in value as compared to previous trading session and domestic bullion price witnessed the same trend. Gold in tola terms was up by Rs 371 per tola and stayed at Rs 47,489 per tola while in grammage value, gold remained up by Rs 319 per ten grams to close at Rs 40,758 per ten grams, dealers said.

It is said physical price would hover within a bandwidth of Rs 975 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, dealers said. They said the current prices would remain static for some times and it expected gold to get substantially expensive, by Rs 1,000 to Rs 1,200 per tola on better demand. 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.

Source: DailyTimes