Yellow metal price remains on correction on Gold Futures, speculation

Singapore (Oct 28)  The yellow metal price in international and domestic markets closed mixed on insignificant demand and correction in Gold Futures price that kept volumes thin.

In domestic metal market, business activity remained subdued and leading buyers remained on sidelines in anticipation of further decline in general price.

In international market the trading activity was ready stock focused on Futures output outlook while leading metal speculators and hedgers remained busy in speculation on gold Futures during trading session.

The Futures gold price would be in hands of leading stakeholders by December 2018. Gold closed at $1,234 an ounce with 25 cents upward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term remained firm by Rs 96 per tola to close at Rs 61,819 per tola while in grammage value gold remained up by Rs 78 per ten grams to close at Rs 53,102 per ten grams.

Manipulators in India, Pakistan and other major gold buying countries remained busy influencing current gold prices and gold Futures. The potential buyers in India and Pakistan remained busy in hedging.

However gold hedgers made some cautious deals. The general buyers remained on sidelines anticipating further 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.

DailyTimes

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