Gold price remained flat in the international market on Monday after gaining 1.46 percent in the previous session to hit two-month highs.
Gold in the international market was available at $1,818.20 per ounce at 1250 hours GMT after shedding $0.80.
Gold edged lower following an uptick in the US bond yields, which acted as a headwind for the non-yielding metal. The cautious market mood helped limit losses for the safe-haven commodity.
Meanwhile, the price of 10 grams of yellow metal in Pakistan surged to Rs99,500 on Monday with an increase of Rs100. Gold in the local market was available at Rs99,400 per 10 grams on Saturday.
The relatively higher increase in the gold price in the local market was due to depreciation of the Pakistani rupee against the US dollar, which depreciated by 0.29 percent.
From a technical perspective, last week’s sustained break through the $1,800 mark and acceptance above the $1,1810 level favours bullish traders.
Hence, some follow-through strength towards testing a strong barrier, around the $1,832-34 heavy supply zone, remains a distinct possibility. —TLTP
