Yellow metal price remains firm on hedging, Future Gold maneuver

Karachi-Pakistan (May 6)  The gold price in global and domestic market remained steady on physical buying amid improved Gold Future speculations and hedging however volumes were traded in moderate number, metal traders said.

Meanwhile business activity remained Gold Future speculative on basis of gold manipulation by leading traders and output outlook during the trading session.

The gold price would be remained under leading hands till October 2018, metal experts opined. Gold closed at $1,315 an ounce with $4 upward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term up by Rs 151 a tola to close at Rs 56,943 per tola while in grammage value, gold remained firm by Rs 130 per ten grams to Rs 48,671 per ten grams, metal traders 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 also made cautious deals on future-term basis. 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 and less liquidity in the market.

DailyTimes