Gold price closes depressed

Karachi-Pakistan (Mar 27)  The yellow metal price in global and domestic markets closed depressed on insignificant trading activity while major stakeholders remained active in manipulating future price during trading sessions.

The gold price would be remained under leading hands by May 2016, experts opined. Gold closed at $1,217 an ounce with $4 variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term stood weak at Rs 47,780 per tola with Rs 127 per tola down while in grammage value, gold remained down by Rs 109 per ten grams to Rs 41,007 per ten grams, dealers said.

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.

Source: DailyTimes.pk