Yellow metal price remains under depression
Karachi-Pakistan (Sept 10) The price of yellow metal in international and domestic markets remained depressed on insignificant demand while buying in Gold Futures put market sentiments moderate.
Investors' speculations on output also put market in red and investors and traders showed dull interest in putting extra funds in market, traders said. Leading hedgers remained busy releasing buffer stocks into market to put general prices and market activity firm. Buyers with liquidity consolidated their long positions in Gold Futures. However deals in Gold Futures and hedging would put future market price in comfort zone.
Buying was still within the reach of buyers in international and domestic markets during trading session. Gold closed at $1,334 an ounce with $14 downward variation while domestic bullion price also witnessed same trend.
Gold in tola term closed at Rs 52,137 with a dip of Rs 522 per tola while in grammage value, gold closed at Rs 44,746 per ten grams, down by Rs 448 per gram, traders said.
Manipulation by buyers and hedgers in Gold Future put away the general buyers in two minds and only forward deals were made. The future market would witness some strength in volumes in coming days on back of hedging and improved buying. The potential buyers remained busy in hedging as they were maintaining the market mechanism, traders said.
The gold hedgers also made some forward deals. The general buyers remained on 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.