Gold price touches lower bracket on futures speculation

Karachi-Pakistan (July 8)  The yellow metal price in international and domestic markets edged lower on Gold Futures correction while dull interest of leading buyers and hedgers kept physical prices in red, metal traders said. The interest of leading trading groups remained insignificant however hedgers with liquidity consolidated their long positions for making future gains, metal traders said.

Gold closed at $1,223 an ounce with $3 an ounce downward change comparing to previous day closing price while domestic bullion price also witnessed same trend. Gold in tola term down by Rs 190 per tola and stayed at Rs 48,524 per tola while in grammage value, gold closed at Rs 41,646 per ten grams with Rs 163 an ounce downward correction, dealers said.

The buyers with liquidity kept maintaining gold price along with gold hedgers as they remained busy in manipulating trade and buyers with less liquidity in anticipating further decline in general price remained cautious for making any deal. The potential buyers at home remained confident dollar-rupee parity and oil prices fall would keep gold prices within buyers' reach. Secondary buyers made deals according to their immediate need while general buyers remained on sideline. Domestic trading in gold remained dull on back of insignificant buying.

DailyTimes