Gold price inched down in the international market on Wednesday amid a rebound in the US Treasury yields and a stronger dollar, with the risk-off mood remaining at full steam due to growth concerns amid the energy crisis.
At 1255 hours GMT, gold in the international market was available at $1758.60 per ounce after shedding $2.90.
However, the gold price earlier in the day shed around $13 per ounce and later recovered most of the losses. Meanwhile, the price of 10 grams of yellow metal in Pakistan increased to Rs96,600 after gaining Rs300.
The closing prices of the yellow metal in the coun-try remained Rs96,300 on Tuesday last. An increase in local gold price was due to overnight surge in gold prices when the local market was closed as well as due to depreciation of Pakistani rupee against the US dollar.
According to experts, the risk-off market profile continues to drive the safe-haven flows into the US dollar, weighing heavily on gold price. —TLTP