Captain's Quarters

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Yellow metal price witnesses correction on Gold Futures, hedging

(Well it looks like the PMs are all set up for another week of Rigging "YEEHAA")

GYS Sunday Acoustic Breeze

Mumbai-India (Oct 7) Yellow metal price in domestic and international market remained under technical correction as leading stakeholders and hedgers kept manipulating ready-market physical prices.

Hedgers made some deals on reports of output that could determine Futures of Gold and bottom-line price in coming days.

Spot gold was quoted at $1,199 an ounce with no change. However leading players provided strength to physical prices on Futures speculation. The correction in spot gold price in future would influence general prices.

Domestic bullion price also witnessed same trend. Gold in tola term remained flat to close at Rs 55,663 per tola while in grammage value, gold closed even in value at Rs 47,772 per ten grams.

Trading remained according to physical demand while secondary buyers kept waiting for gold price to go lower before coming out of output report.

We can expect prices to be largely confined to a similar kind of range, said a senior member of Karachi Gold Market Association.

Hedgers made forward deals, keeping in view gold Futures price during trading session.

Gold price would remain under leading manipulators in India, Pakistan and other major gold buying countries, as they busy influencing current prices and gold Futures.

The gold hedgers made deals for secondary selling. The general buyers remained on sidelines anticipating easing in price in coming days on dollar-rupee parity.

Buyers made deals according to their immediate needs. Local trading in gold remained dull on back of insignificant buying on less liquidity.

DailyTimes