Gold metal price remains flat

KARACHI: Gold price in international and local markets remained flat, as demand remained dull due to no-interest of major buyers and gold hedgers, traders said.

The leading stakeholders remained active in manipulating future price during trading session besides keeping an eye on future output.

Gold closed at $1,177 an ounce with no variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term up by Rs 19 per tola and stayed at Rs 46,022 per tola while in grammage value, gold remained up by Rs 16 per ten grams to close at Rs 39,498 per ten grams, dealers said.

It is seemed price would hover within a difference of Rs 100 to Rs 200 per 10 grams and the domestic bullion market was using more than 65 percent of the recycled gold stocks out of the total daily usage of product, dealers said.

They said the increase in gold prices would come in the next three weeks when gold is expected to get expensive substantially by Rs 275 to Rs 375 per tola on better demand.

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.

Buyers made deals according to their immediate needs. Local trading in gold remained dull on back of insignificant buying.


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