Gold price remains under correction

Karachi-Pakistan (April 10)  Gold price in international and local markets remained under correction, as there was dull demand due to less interest of major buyers and gold hedgers, 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 $1,228 an ounce with $6 downward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term down by Rs 219 per tola and stayed at Rs 48,158 per tola while in grammage value, gold remained down by Rs 189 per ten grams to close at Rs 41,331 per ten grams, dealers said.

It is said physical price would hover within a difference of Rs 475 to Rs 575 per 10 grams and the domestic bullion market was using more than 95 percent of the recycled gold stocks for daily use, dealers said.

They said the increase in gold prices would come in the next couple of weeks when gold is expected to get expensive substantially by Rs 975 to Rs 1,000 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.

Source: DailyTimes