Gold price eases on dull trading

Karachi-Pakistan (Jan 15)  The yellow metal price in global and domestic markets witnessed correction on technical ground during trading session and closed in red, traders said.

Besides trading activity remained future-speculation as major stakeholders made deals on output report and busy manipulating future price during trading session. The futures gold price would be firm as the metal was still in leading hands by February 2017, experts opined.

Gold closed at $1,197 an ounce with $2 downward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term down by Rs 260 a tola to close at Rs 47,023 per tola while in grammage value, gold remained dull by Rs 223 per ten grams to Rs 40,357 per ten grams, dealers said.

Manipulators were keeping eye on Futures Gold and leading traders in India, Pakistan and other major gold trading countries put brakes on forward trading to influence prices and gold Futures on issue of liquidity. 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 back of insignificant buying.

Source: DailyTimes