KARACHI: Interest of potential buyers and hedgers provided strength to gold price besides hedging and composite gold Futures and speculation on output in international and domestic market kept yellow metal price in comfort zone.
Demand of metal also improved on investors’ demand in the country following demand in international market.
According to stakeholders spot gold an ounce price was quoted up by $1 to settle at $1,345 an ounce.
Bullion price in Karachi recorded a rise of Rs 165 per ten grams to Rs 50,107 per ten grams. In per tola term, gold prices witnessed an increase of Rs 296 a tola to close at Rs 58,383 per tola.
The increase in gold prices is the result by continued investors’ demand and rising inflation fears.
However cautious buying kept goldsmiths and jewellery sector from making hefty deals. Increase of gold jewellery export to United Arab Emirates and the United States was likely to increase over 5 percent in coming months if the prices of gold remained within the reach of value-added sector. The gold hedgers made deals. The secondary buyers remained on sidelines anticipating easing in price in coming days on dollar-rupee parity.
Buyers made deals according to their immediate needs. Trading at domestic market remained dull on back of insignificant buying and less liquidity in the market.