Gold price depresses on dull Futures, hedging

Karachi-Pakistan (Jan 21)  The yellow metal price in global and domestic markets ended in the red on Gold Futures speculations and dull hedging on short term basis.

Leading buyers remained inclined dealing in stocks while on a better output report investors preferred pumping money in other commodities.

Buyers in immediate needs made deals on short term basis. Long term basis deals changed hands on low web. The Gold Futures speculations would keep market in dull zone on uncertainty of output outlook.

Buyers purchased metal on Gold Futures speculation and some forward deals were also noticed as speculators tried to keep market sentiments normal on daily-average level prices.

The trading activity remained future-speculation based as market players remained busy in paper work on inventories for future dealings.

The Gold Futures price would be irrational as the major traders in metal dealing were missing the real price and speculative price mechanism. Gold closed at $1,332 an ounce with $2 an ounce downward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term down by Rs 93 a tola to close at Rs 55,232 per tola while in grammage value, gold remained dull by Rs 79 per ten grams to Rs 47,403 per ten grams.

The gold price remained in the hands of leading manipulators in India, Pakistan and other major gold trading countries, as they remained busy influencing current prices and gold Futures. Secondary buyers bought metal according to their immediate needs. Local trading in gold remained dull on back of insignificant buying and liquidity issue.

TheDailyTimes