Gold prices remained on the front foot on Monday and came close to $2,000 level amid retreating US Treasury bond yield. As of 1415 hours GMT, gold in the international market was available at $1,992.20 per ounce, gaining $18 (+0.91 percent).
Out of the $18 per ounce increase, -$1.60 was due to strengthening of the US dollar and +$19.60 was due to predominant buyers, according to Kitco Gold Index.
The price of 10 grams of 24-carat yellow metal in Pakistan, meanwhile, increased to Rs116,500 after gaining Rs1,000. Gold price in the local market settled at Rs115,500 on Saturday last.
Easter Monday-induced thin market conditions offered some extra zest to gold bulls. Meanwhile, the Ukraine crisis-led surging global inflation is prompting investors to seek refuge in the inflation-hedge gold price.—TLTP
