Gold price gains Rs700 per 10gm

ISLAMABAD: Gold prices edged up by around 0.40 percent in the international market on Friday and broke the powerful resistance at $1760.
At 1205 hours GMT, gold in the international market was available at $1,760.50 per ounce after gaining $5.60 as compared to its closing value on Thursday last.
Meanwhile, the price of 10 grams of yellow metal in Pakistan increased to Rs93,000 after gaining Rs700. The closing prices of the yellow metal in the country remained Rs92,300 on Thursday last.
According to expert, bullish potential in gold price remains intact amid the ongoing weakness in the US Treasury yields, which remains a drag on the US dollar. The returns on the market sag, as investors turn cautious amid the continued spread of the delta Covid variant cases and uncertainty over the US Fed’s next monetary policy move.
They said that the Technical Confluences Detector (TCD) shows that gold tested the powerful resistance at $1760. Acceptance above the latter is needed to take on the immediate resistance at $1762, the pivot point one-day R1. The next significant upside target is envisioned at $1767, the previous month’s low, around where the pivot point one-day R2 coincides. – TLTP

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