Gold price sustains firm level on futures correction

Karachi-Pakistan (April 30)  The general prices of yellow metal in international and domestic market remained in green and sustained improvement on Gold Futures correction while buyers with liquidity consolidated their long positions by making forward deals.

However Gold Futures deals by traders remained under speculations and hedging pushed gold market's buying under ready market price.

Gold price was still within the reach of buyers in international and domestic markets during trading session. Gold closed at $1,268 an ounce maintaining previous day's trading level and domestic bullion price also witnessed some improvement.

Gold in tola term closed at Rs 49,787 with a gain of Rs 21 per tola while in grammage value, gold closed at Rs 42,730 per ten grams, up by Rs 20 a gram, metal traders said.

Buyers and hedgers in market have control over Gold Futures while improvement in Future Gold output on cards. Traders remained busy in making forward deals. The Future market would get more strength in coming days on back of hedging by speculators. The potential buyers remained busy in hedging as they were maintaining the market mechanism, metal traders said.

The leading 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