Yellow metal prices remain flat on buyers’ dull interest

Karachi-Pakistan (Dec 10)  Yellow metal prices in international and domestic markets closed flat on insignificant demand and correction in gold futures price; while volumes also remained thin.

In domestic market, business activity remained subdued and leading buyers remained on the sidelines in anticipation of further decline in general prices.

In international market, trading activity was focused on futures output outlook while leading metal speculators and hedgers remained busy in speculation on gold futures during trading session. Futures gold price would be in the hands of leading stakeholders by January 2018. Gold closed at $1,248 an ounce with no variation in value as compared to previous trading session and domestic bullion market witnessed the same trend. Gold in tola terms remained even to close at Rs 49,478 per tola; while in ten gram terms, closed at Rs 42,478.

Traders in India, Pakistan and other major gold buying countries remained busy influencing current gold prices and gold futures. Potential buyers in India and Pakistan remained busy in hedging and made some cautious deals. General buyers remained on the 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.

DailyTimes