KARACHI: The gold price in global and domestic market withered a possible descending phase on demand and gold future speculations on general prices, however limited volumes were traded, metal traders said.
Meanwhile business activity remained gold future speculative on the basis of gold manipulation by leading stakeholders and output outlook during the trading session.
The gold price would remain under leading hands by June 2017, metal experts opined. Gold closed at $1,250 an ounce with $1 upward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term up by Rs 37 a tola to close at Rs 49,098 per tola while in grammage value, gold remained firm by Rs 31 per ten grams to Rs 42,138 per ten grams, traders said.
The manipulators in India, Pakistan and other major gold buying countries remained in driving seat for controlling Gold Futures. They remained busy influencing current prices and Futures on speculations. 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 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 and less liquidity in the market.
