Gold price jumps to Rs92,800 per 10gm


Gold price inched on Tuesday as US bond yields plunged last week, supporting gold prices. As of 1410 GMT, gold was available in the international market at $1,810.50 per ounce after gaining $3.

Meanwhile, the price of 10 grams of yellow metal in Pakistan increased to Rs92,800 with a gain of Rs500. The closing price of yellow metal in the country remained Rs92,300 on Monday.

According to analysts, the recent range-bound price action over the past few trading sessions points to indecision among traders.

This, in turn, makes it prudent to wait for a sustained move in either direction before placing any aggressive bets.

They said that US bond yields have plunged in the past week, perplexing many investors and supporting gold prices.

Some explain the increase by pointing to fears of the Delta Covid va riant that would knock down the recovery, at least temporarily. Others point to a short-lived pause in the issuance of new bonds.—TLTP


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