Yellow metal price sheds value on technical correction

Karachi-Pakistan (Jan 14)  The yellow metal price in global and domestic markets closed depressed on technical correction and insignificant demand besides trading activity remained moderate because of major buyers made Futures deals on manipulating gold price during trading session.

The gold price would be remained under leading hands by February 2017, experts opined. Gold closed at $1,198 an ounce with $5 downward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term down by Rs 264 a tola to close at Rs 47,019 per tola while in grammage value, gold remained down by Rs 226 per ten grams to Rs 40,354 per ten grams, dealers said.

The gold price remained in the hands of manipulators in India, Pakistan and other major gold buying countries, as 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 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.

Source: DailyTimes