Gold price increases to Rs95,400 per 10gm

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Gold prices remained almost flat in a cautious trade on Monday amid improving market mood as fears of China’s Evergrande bankruptcy recede.

At 1130 hours GMT, gold in the international mar-ket was available at $1,749.40 per ounce after shed-ding $1.80.

ams of yellow metal in Pakistan increased to Rs95,400 after gaining Rs300. The closing prices of the yellow metal in the coun-try remained Rs95,100 on Saturday last.

The in-crease in local gold prices was also due to deprecia-tion of Pakistani rupee against the US dollar.

According to experts, gold is easing off the higher levels, as the risk-on market environment amid ebb-ing China Evergrande fears and US stimulus opti-mism dulls the safe-haven appeal of the bright metal.

They said that gold inched down despite a broadly weaker US dollar, as the Treasury yields retreat from multi-month tops. They said that gold traders refrain from placing fresh long bets on the metal ahead of the critical US durable goods data. —TLTP

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