Gold price falls to Rs92,800 per 10gm

Observer Report

Gold price remained in a descending movement for the second straight session on Monday and went down over 1.5 percent in the international market, as the bears remained relentless amid a broadly supported US dollar and steady Treasury yields.

At 12:15 GMT, gold in the international market was trading at $1,851.40 an ounce after losing $27.40 an ounce in its value as compared to its closing value on Friday last.

Meanwhile, the price of 10 grams of yellow metal in Pakistan decreased to Rs92,800 with a loss of Rs2,100, as international closing price of gold on Friday during the Asian trading hours was up as compared to the closing price. The price of yellow metal remained Rs94,900 on Friday.

It is pertinent to mention that the US retail sales data, which will be released on Tuesday (today), can potentially impact the greenback’s market valuation, which will resultantly impact the gold prices.

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