Gold price recovers value on Futures, hedging

Karachi-Pakistan (Jan 6)  The yellow metal price in global and domestic markets regained strength on Gold Futures speculation and hedging interest. Leading buyers made deals on short term basis while uncertainty on better output kept price firm.

Buyers also bought metal on Gold Futures speculation and reports from metal speculators on daily-average level prices. The trading activity remained future-speculation based as market players remained busy in strengthening their inventories.

The Gold Futures price would be illogical as the major traders in metal dealing were missing the real output level and speculative price mechanism. Gold closed at $1,318 an ounce with $5 upward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term up by Rs 209 a tola to close at Rs 54,680 per tola while in grammage value, gold remained firm by Rs 179 per ten grams to Rs 46,929 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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