Gold price edged down in the international market on Thursday despite a retreat in the US Treasury yields that kept the dollar bulls on the defensive.
At 1250 hours GMT, gold in the international market was available at $1757.20 per ounce after shedding $7.20. Meanwhile, the price of 10 grams of yellow metal in Pakistan remained flat at Rs96,600 without any change.
The closing prices of the yellow metal in the country remained Rs96,600 on Wednesday last. The local prices remained flat due to an overnight surge in gold prices when the local market was closed.
According to experts, gold shot to $1,767 during the early session, albeit lacked any follow-through buying. Gold quickly reversed an intraday dip to the $1,756 area and is now looking to build on the previous day’s modest bounce from weekly lows.
They said that investors seem convinced that the Fed would begin tapering its bond purchases by the end of 2021 and have also started pricing in the possibility of a rate hike in 2022. The prospects for an ea. —TLTP