Gold-Futures speculations and insignificant buying by leading buyers kept metal prices under technical correction while buyers in international and domestic market made cautious deals on Futures speculations related reports, metal traders said.
Commodity has been witnessing intermittent downward price trend since last week with some recession gained on some improvement. But all depends on Futures outlook of hedgers and gold speculators who are controlling over baseline value of metal, said metal experts.
Gold prices would come in green during next couple of weeks when gold was expected to get expensive substantially by Rs 600 to Rs 1,000 per tola on private buyers and retailers’ demand in domestic market. The gold trading closed at $1,194 an ounce in international market with $7 cents an ounce decline in price.
Also Read: Price of gold falls post-rupee appreciation
In domestic market yellow metal shed Rs 310 per tola to stay at Rs 55,136 per tola while in term of grammage it close at Rs 47,315 per ten grams with a loss of Rs 266 ten grams.
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.
However 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 September 5th, 2018)