Gold prices gained over one percent on Thursday due to dovish Federal Reserve-induced weakness in the US Treasury yields and the dollar.
At 1350 hours GMT, gold in the international market was available at $1,828.40 per ounce after gaining $19.90 as compared to its closing value on Wednesday last.
Meanwhile, the price of 10 grams of yellow metal in Pakistan increased to Rs95,300 with a raise of Rs1,500.
The closing prices of the yellow metal in the country remained Rs93,800 on Wednesday last.
According to experts, gold price has accelerated its advance and hits fresh weekly highs at $1819, closing in on the critical 200-Daily Moving Average (DMA) at $1821.
The dovish Fed-induced weakness in the US Treasury yields and the dollar is the main underlying reason behind the persistent upbeat mood around gold price.
Fed Chair Jerome Powell turned dovish by stating that the employment sector is far from ‘substantial progress’ and therefore, “Fed has not made any decisions about the timing of taper.” —TLTP