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Saturday, December 18, 2010

Gold witnesses correction ahead of year end

KARACHI (Tooba Ghumro): Domestic gold prices saw correction on Saturday as the investors are offloading their yellow metal ahead of year-end, bullion traders said.

The prices of 10-gram gold fell by Rs492 to Rs38228 while its tola declined by Rs500 to Rs44600.

“Investors are squaring their positions ahead of year end,” said a local trader.

“Fresh buying hopefully from January onwards,” said a commodity analyst.

The gold prices have witnessed an extraordinary upward drive during the past few months where a tola has been appreciated by Rs5000 and crossed Rs45,000 mark.

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