Gold price on decline

Karachi-Pakistan (Aug 21)  The demand of yellow metal in international and domestic markets remained under downward revision while buyers capitalised their long positions making forward deals on slow output reports.

However gold Futures deals by traders remained firm and hedging put gold market sentiments under speculations.

Price was still within the reach of buyers in international and domestic markets during trading session. Gold closed at $1,341 an ounce with $3 variation while domestic bullion price also witnessed same trend.

Gold in tola term closed at Rs 52,582 with decline of Rs 90 while in grammage value, gold closed at Rs 45,129 per ten grams, down by Rs 81 a gram, traders said.

Buyers and hedgers still have upper hand on gold futures on speculations in international and domestic markets that was putting buying average and output was also showing some improvement. Traders remained busy in making forward deals. The future market would get some 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.pk