The yellow metal price in global and domestic markets remained firm and within reach of leading buyers on Gold Futures speculation. Improved demand from metal speculators and buyers, metal’s physical price stood within firm daily-average level.
The trading activity also remained future-speculation based as leading market players remained busy manipulating Future Gold price during the trading session.
The Futures Gold price would be paradox as the major traders in metal dealing were missing the real output level as next three months remained speculative on price mechanism. Gold closed at $1,229 an ounce with $2 upward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term up by Rs 118 a tola to close at Rs 59,411 per tola while in grammage value, gold remained up by Rs 101 per ten grams to Rs 50,989 per ten grams.
The gold price remained in the hands of leading manipulators in India, Pakistan and other major gold buying countries, as they remained busy influencing current prices and gold Futures. 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.
(This news/article originally appeared in Daily Times on July 27th, 2018)