Gold price closes dull on insignificant demand

Karachi-Pakistan (Nov 12)  The yellow metal price in global and domestic markets lost strength on back of dull buying besides business activity remained firm on basis of gold Futures manipulation by major stakeholders during the trading session.

The gold price would be remained under leading hands by December 2016, experts opined. Gold closed at $1,260 an ounce with $21 downward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term down by Rs 863 a tola to close at Rs 49,367 per tola while in grammage value, gold remained down by Rs 741 per ten grams to Rs 42,369 per ten grams, dealers said. The manipulators in India, Pakistan and other major gold buying countries remained in driving seat for controlling gold Futures. 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 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