ISLAMABAD: Gold price went down by around one percent in the international market on Tuesday amid a rebound in the US Treasury yields.
At 1330 hours GMT, gold in the international market was available at $1754.50 per ounce after shedding $16.40.
Meanwhile, the price of 10 grams of yellow metal in Pakistan decreased to Rs96,300 after shedding Rs200. The closing prices of the yellow metal in the country remained Rs96,500 on Monday last. A relatively less decrease in local gold price was due to overnight surge in gold prices when the local market was closed.
According to experts, gold price is consolidating the retreat from weekly highs of $1771, as the market mood improves and caps the rebound in the US dollar across its main peers. However, the downside remains more compelling for gold price as looming concerns about higher price pressures, the US debt ceiling and China’s debt-laden property developers will continue to underpin the safe-haven demand for the US dollar.
From a technical point of view, gold is eyeing a sustained move below minor support at $1755. The next crucial cushion is seen at $1749, while a sharp drop towards $1738 cannot be ruled on a breach of the aforementioned strong support.
On the flip side, $1761 will cap the immediate upside, above which the previous week’s high at $1764 will test the bearish commitments. Acceptance above that level could trigger a fresh advance towards $1771. – TLTP