ISLAMABAD: Gold prices went down by around 0.30 percent in the international market on Thursday despite weaker US dollar and Treasury yields.
At 1235 hours GMT, gold in the international market was available at $1,747 per ounce after shedding $5.80 as compared to its closing value on Wednesday last.
Meanwhile, the price of 10 grams of yellow metal in Pakistan increased to Rs92,300 after gaining Rs600. The closing prices of the yellow metal in the country remained Rs91,700 on Wednesday last.
According to expert, gold has eased from a critical barrier at $1759, which is the intersection of the previous week’s low and the day’s high. Acceptance above the latter is critical to unleashing further recovery gains towards $1763, the pivot point one-day R1.
They said that gold price is holding the higher ground, looking to build onto its recovery from five-month lows, as the US dollar nurses losses amid fading hawkish Fed expectations and weaker Treasury yields. The US July CPI report showed signs of inflation peaking, cooling expectations of an imminent Fed’s tapering. Meanwhile, concerns over the economic impact of the spread of the delta Covid variant globally also underpin gold’s safe-haven appeal. Looking ahead, all eyes remain on the US PPI and Jobless Claims data to sustain the recovery momentum above the $1750 psychological level, they said.