Yellow metal price sustains upward trend on demand, hedging

Karachi-Pakistan (Dec 31)  Yellow metal prices in international and domestic markets remained on firm footing on hedging and Gold Futures speculations while investors bought metal on short term basis. Buyer with less liquidity made deals on ready market prices and hedgers strengthened their inventories on long and short term basis.

Gold Futures speculation and output outlook report would remain a factor in days to come for keeping prices on firm footings. Contract buyers made deals on daily counter price basis while gold output report would keep metal price fluctuating in next coming trading sessions. The secondary buyers made deals on daily counter prices while general buyers bought metal according to their needs. Bottom-line prices will likely to remain under fluctuation in next coming trading sessions as Gold Futures speculation would likely keep prices within lower bracket in coming market contacts. In international market price closed at $1,303 an ounce after upward change of $4 an ounce and in domestic bullion market metal closed at Rs 53,992 per tola after gaining Rs 105 per tola and in ten grams term, price closed at Rs 46,339 after an increase of Rs 91 per ten grams.

DailyTimes