Gold price is steady in Asia

Karachi-Pakistan (Oct 30)  The yellow metal price in global and domestic markets witnessed upward correction on technical ground besides trading activity remained steady as major stakeholders made deals and remained busy manipulating future price during the trading sessions. The gold price would be remained under leading hands by December 2016, experts opined. Gold closed at $1,276 an ounce with $9 upward variation in value as compared to previous trading session and domestic bullion price witnessed same trend.

Gold in tola term up by Rs 355 a tola to close at Rs 50,077 per tola while in grammage value, gold remained up by Rs 304 per ten grams to Rs 42,978 per ten grams, dealers said. The gold price remained in the hands of manipulators in India, Pakistan and other major gold buying countries, as they remained busy influencing current prices and futures on speculations. The potential buyers in India and Pakistan remained busy in hedging. The gold hedgers made some cautious deals. The general buyers remained on sidelines anticipating further easing in price in coming days on dollar-rupee parity.

Source: DailyTimes