Gold price shed over 0.25 percent on Monday amid stronger US dollar and high Treasury yields.
Gold in the international market was available at $1753.90 per ounce after shedding $4.30 at 1305 hours GMT. Meanwhile, the price of 10 grams of yellow metal in Pakistan increased to Rs96,400 after gaining Rs100.
The difference between local and foreign prices is due to depreciation of Pakistani rupee against the US dollar.
According to experts, gold remains on the back foot following the bearish candlestick formation flashed the previous day. However, 10-DMA and bullish MACD signals probe the metal sellers. Hence, traders’ indecision could be witnessed until the quote see-saws between 50-DMA and 10-DMA, respectively around $1,778 and $1,753.
However, a daily closing beneath $1,753 will bolster the bearish momentum, backed by the stated candlestick formation. Following that, September’s low near $1,721 should return to the charts. —TLTP