Web News Desk : Gold price in international and local markets remained dull, as demand was insignificant and the gold futures mixed with dull interest of major buyers and gold hedgers pushed price in red zone, traders said.
However, the stakeholders with liquidity remained active in manipulating gold futures during trading session with keeping an eye on the future output.
Gold closed at $1,239 an ounce with $5 downward variation in value as compared to previous trading session and domestic bullion price witnessed same trend. Gold in tola term down by Rs 519 per tola and stayed at Rs 48,299 per tola while in grammage value, gold remained down by Rs 445 per ten grams to close at Rs 41,453 per ten grams, dealers said.
Due to slow down China’s economy and oil prices, gold would remain in correction while physical price would hover within a difference of Rs 1,000 to Rs 1,200 per 10 grams and the domestic bullion market was using more than 90 percent of the recycled gold stocks for daily use, dealers said.
Dealers said the festivities in India and wedding season in Pakistan would likely to increase gold prices as gold is expected to get expensive substantially by Rs 1,200 per tola to Rs 1,500 per tola on better demand.
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 made deals according to their immediate needs. Local trading in gold remained dull on back of insignificant buying.