Gold price increases to Rs96,900 per 10gm

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Islamabad

Gold prices snapped three-day losing streak and edged up in the international market on Monday.

Gold in the international market was available at $1,792 per ounce after gaining $4.20 at 1215 hours GMT.

Meanwhile, the price of 10 grams of yellow metal in Pakistan increased to Rs96,900 after gaining Rs300.

The closing prices of the yellow metal in the country remained Rs96,600 on Friday last. According to experts, despite the dismal US jobs report for August, investors seem convinced that the Fed would begin rolling back its massive pandemic-era stimulus sooner rather than later.

The speculations were further fuelled by Philadelphia Fed President Patrick Harker’s comments on Monday, who joined a chorus of policy-makers keen to trim $120 billion in monthly bond purchases.

That said, a modest pullback in the US Treasury bond yields helped limit the downside for the non-yielding gold.

This, along with worries about the fast-spreading delta variant and a global economic slowdown, extended some additional support to gold, they said.—TLTP

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