Gold prices inched up in the international market for the second straight day on Friday as a softer tone around the US Treasury bond yields kept the dollar bulls on the defensive.
At 1210 hours GMT, gold in the international market was available at $1,797 per ounce after gaining $3.40. However, the price of 10 grams of yellow metal in Pakistan increased to Rs96,100 after gaining Rs500.
The closing prices of the yellow metal in the country remained Rs95,600 on Thursday last. The increase in prices in the local market was due to an overnight jump in gold prices a day earlier.
According to experts, gold struggled to capitalise on its modest intraday gains after reaching $1,805 and retreated below the $1,800 mark. They said that underlying bullish sentiment in the financial markets acted as a tailwind for gold.
From a technical perspective, bulls, so far, have struggled to make it through the 100-day/200-day SMAs confluence hurdle, currently around the $1,810 region. —TLTP