Gold price inched up on Wednesday after falling for two days amid strong US dollar. At 1310 hours GMT, gold in the international market was available at $1,796.30 per ounce after gaining $1.20. The US dollar benefited from the rally in the Treasury yields, as higher yields tend to weigh negatively on the non-yielding gold.
Meanwhile, the price of 10 grams of yellow metal in Pakistan decreased to Rs96,800 after shedding Rs800. The closing prices of the yellow metal in the country remained Rs97,600 on Tuesday last.According to experts, gold traded lower this week, after hitting the key resistance barrier of 1834, which stopped the metal from moving higher on July 15th, 29th, and August 4th.
Overall, the metal remains below the downside resistance line drawn from the high of August 6th, 2020, and thus, the recovery started on August 9th would be treated as a corrective move of a broader downtrend. —TLTP