Gold price closes depressed on dull demand

Karachi-Pakistan (July 9)  Yellow metal prices in international and domestic markets remained dull, as there was no demand on weak interest of leading buyers and gold hedgers, metal traders said. Trading at domestic bullion market remained dreary.

However, leading gold stakeholders in international market remained active in manipulating Gold Futures during trading session along with keeping an eye on the future output report.

Gold closed at $1,213 an ounce with $10 variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term remained dull in value and down by Rs 421 per tola and stayed at Rs 48,103 per tola while in grammage value, gold remained down by Rs 362 per ten grams to close at Rs 41,284 per ten grams, dealers said.

Physical price would hover within a difference of Rs 900 to Rs 1,000 per 10 grams and the domestic bullion market was using more than 90 percent of the recycled gold stocks for daily use, metal 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.

Buyers remained on sidelines but traders made future deals to their needs. Local trading in gold remained dull on back of insignificant buying.

DailyTimes