Gold price fails to improve value on futures correction

Karachi-Pakistan (June 18)  The yellow metal price in global and domestic markets failed to regain strength on technical ground besides dull demand from metal speculators while trading activity remained future-speculation based as major stakeholders remained busy manipulating Future price during the trading session.

The Futures gold price would be firm as the metal was still in leading hands by end 2017, metal experts opined. Gold closed at $1,254 an ounce with $2 downward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term down by Rs 104 a tola to close at Rs 49,248 per tola while in grammage value, gold remained down by Rs 89 per ten grams to Rs 42,267 per ten grams, dealers said. 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.

Source: DailyTimes