Gold prices dipped around two percent in the international market on Thursday amid a modest pickup in the US Treasury bond yields and dollar’s strength.
Gold in the international market was available at $1,760.40 per ounce after shedding $34.70 at 1320 hours GMT.
Meanwhile, the price of 10 grams of yellow metal in Pakistan decreased to Rs94,900 after shedding Rs3,000. The closing prices of the yellow metal in the country remained Rs97,900 on Wednesday last.
The prices in the local market decreased due to appreciation of Pakistani rupee against the US dollar as well as overnight decrease in international prices when the local market was closed. According to experts, gold continued losing ground and dropped to over one-month lows.
Given the recent pullback from the $1,832-34 supply zone, the overnight rejection near a technically significant 200-day SMA and the subsequent decline supports prospects for additional losses.—TLTP