Yellow metal price sheds value on correction

Karachi-Pakistan (Jan 1)  The demand for yellow metal in international and domestic markets remained dull on gold futures correction while buyers consolidated their long positions by making forward deals.

However Gold Futures deals by traders remained firm and hedging pushed gold market's buying steady.

Gold price was still within the reach of buyers in international and domestic markets during trading session. Gold closed at $1,152 an ounce with $5 downward variation while domestic bullion price also witnessed same trend.

Gold in tola term closed at Rs 45,024 with a loss of Rs 241 per tola while in grammage value, gold closed at Rs 38,642 per ten grams, down by Rs 207 a gram, traders said.

Buyers and hedgers in markets have control over gold Futures while improvement in future output on cards. Traders remained busy in making forward deals. The future market would get more strength in coming days on back of hedging by speculators. The potential buyers remained busy in hedging as they were maintaining the market mechanism, traders said.

The gold hedgers made some cautious deals. The general buyers remained on sidelines anticipating 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 back of insignificant buying.

Source: DailyTimes