Gold price edged lower on Monday amid an impressive US dollar rebound and profit-taking after Friday’s $18 rally.
At 1235 hours GMT, gold in the international market was available at $1,824.10 per ounce after shedding $4.50. Meanwhile, the price of 10 grams of yellow metal in Pakistan decreased to Rs97,900 after shedding Rs300.
The closing prices of the yellow metal in the country remained Rs98,200 on Friday last. According to experts, gold price is consolidating its retreat from two-month highs of $1834, as the bulls continue to remain hopeful.
The change in expectations towards an extended period of monetary policy support likely from the US and China combined with looming Covid concerns is keeping the buoyant tone intact around gold price, they opined.
From a technical point of view, the gold price is testing the powerful defence line at $1822, as it extends its pullback.
The next relevant cushion is seen at $1819. Further south, the bears will challenge a dense cluster of support levels around $1814. —TLTP