Gold price shrinks on dull demand

Karachi (Aug 13)  The demand of yellow metal in international and domestic markets remained dull on thin Futures deals by traders while hedging put gold market under speculations.

Price was still within the reach of buyers in international and domestic markets during trading session. Gold closed at $1,343 an ounce with $5 downward variation while domestic bullion price also witnessed same trend.

Gold in tola term closed at Rs 52,598 with Rs 170 decrease while in grammage value, gold closed at Rs 45,142 per ten grams, down by Rs 146 a gram, traders said.

Leading buyers and hedgers put weight on gold futures on speculations in international and domestic markets while they 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