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Gold price surges by Rs1,000 per 10gm

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ISLAMABAD: Gold price surged in the global market as Covid-19 jitters assisted gold to gain traction for the second straight session on Tuesday.
At 1130 GMT, gold in the international market was available at $1,816.60 per ounce after gaining $3 as compared to its closing value on Monday last.
Meanwhile, the price of 10 grams of yellow metal in Pakistan surged at Rs93,900. The closing prices of the yellow metal in the country remained Rs92,900 on Monday.
According to experts, a goodish rebound in the equity markets/US bond yields might cap gains for the commodity. They said that gold last week faced rejection near the very important 200-day SMA. The mentioned barrier is currently pegged near the $1,825 region, which should now act as a key pivotal point for short-term traders and help determine the next leg of a directional move.
They said that a sustained strength beyond will set the stage for an extension of the recent strong bounce from the $1,750 zone and push the gold beyond monthly swing highs, around the $1,834 region touched last Thursday. The momentum could further extend to the $1,845-46 region, en-route the next major hurdle near the $$1,866 area, they added. – TLTP