Gold price remained flat on Friday after rallying a day earlier with over two percent gain. At 1350 hours GMT, gold in the international market was available at $1,757.30 per ounce after shedding $0.90. Meanwhile, the price of 10 grams of yellow metal in Pakistan increased to Rs96,400 after gain-ing Rs900.
The closing prices of the yellow metal in the country remained Rs95,500 on Thursday last. The increase in local gold prices as compared to international price was due to overnight increase in gold price when the local market was closed.
Ac-cording to experts, gold price is struggling to extend Thursday’s rebound, although remains well sup-ported at the $1750 level, as the Q4 2021 kicks off.
The bright metal is looking to end the week almost unchanged, as the blistering recovery has helped the bulls find some respite, as gold price is poised to end its three straight weekly losses.
They said that retreat in the US Treasury yields amid risk-off mar-ket mood keeps the buoyant tone intact around gold price.
Investors remain wary amid a delay in the US political wrangling and Fed’s tapering risks, in light of the surging energy prices and slowing global economic recovery.
From technical point of view, gold has regained poise and looks to take on the key resistance at $1765. —TLTP
