Gold price remains under correction

Karachi-Pakistan (Jan 2)  The yellow metal price in international and domestic markets remained under correction on lower demand from leading trading groups while buyers with liquidity consolidated their long positions to make some gains, traders said.

Gold closed at $1,061 an ounce with $1 upward change per ounce comparing to previous day price while domestic bullion price witnessed same phase. Gold in tola term was up by Rs 22 per tola and stayed at Rs 41,665 per tola while in grammage value, gold up by Rs 12 per ten grams to close at Rs 35,740 per ten grams respectively on Friday, dealers said.

The buyers with liquidity kept maintaining gold price as they along with gold hedgers remained busy in manipulating trade and buyers with less liquidity remained cautious for making any sizeable deal in anticipation of downward adjustment in price. The potential buyers at home remained confident dollar-rupee parity and oil prices continuous fall would keep gold prices within buyers' reach.