Gold price closes flat on dull demand, hedging

Karachi-Pakistan (Jan 8) The yellow metal price in global and domestic markets stood flat on insignificant demand from investors and hedgers. Gold Futures speculation and short term buying kept prices away from any fall.

Buyers bought deals on long term basis while uncertainty on better output kept price in reach of general buyers. Buyers purchased metal on Gold Futures speculation and some forward deals while metal speculators kept market sentiments normal on daily-average level prices.

The trading activity remained future-speculation based as market players remained busy in paper work on inventories for future dealings. The Gold Futures price would be irrational as the major traders in metal dealing were missing the real price and speculative price mechanism. Gold closed at $1,319 an ounce with no variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term up by Rs 24 a tola to close at Rs 54,722 per tola while in rammage value, gold remained firm by Rs 20 per ten grams to Rs 46,965 per ten grams. The gold price remained in the hands of leading manipulators in India, Pakistan and other major gold buying countries, as they remained busy influencing current prices and gold Futures. The potential buyers in India and Pakistan remained busy in hedging.

Buyers also bought metal according to their immediate needs. Local trading in gold remained dull on back of insignificant buying and liquidity issue.

DailyTimes

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