Yellow metal price recovers value, hedging remains temperate

Karachi-Pakistan (Apr 7)  Gold price inched up in domestic and international market following improved demand from hedgers and leading investors.

Yellow metal closed at $1,331 per ounce in international market with an increase of $4 cents an ounce.

Gold Futures speculations would likely to keep level of buying by secondary buyers maintaining bottom-line prices. Bullion price in Karachi recorded a rise of Rs 119 per ten grams to Rs 49,473 per ten grams. In per tola term, gold prices stood at Rs 57,644 per tola after Rs 138 increase. Stability in gold prices can be attributed to improved demand by investors and short supply fears on output report.

It is said physical price would hover within a difference of Rs 200 to Rs 300 per 10 grams and the domestic bullion market was using more than 90 percent of the recycled gold stocks for daily use. Current prices would remain stay for some times and it is expected gold to get expensive substantially by Rs 350 per tola on better demand.

DailyTimes

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