The downbeat tone around gold price remained unabated this Monday, as the bears extended their control after Friday’s steep drop.
At 1350 hours GMT, gold in the international mar-ket was available at $1,809.70 per ounce after shed-ding $5.10 as compared to its closing value on Fri-day last.
Meanwhile, the price of 10 grams of yellow metal in Pakistan increased to Rs95,000 after gaining Rs300.
The closing prices of the yellow metal in the coun-try remained Rs94,700 on Friday last .
According to experts, gold prices started August in the red amid a rebound in risk appetite ahead of ISM.
The progress on the US infrastructure bill and broad US dollar weakness fail to offer any reprieve to the bulls, as gold price headed towards the $1800 mark.
The risk-on rally in the global stocks com-bined with stabilising treasury yields weighs nega-tively on gold price.
They said the investors also ignored the mounting tensions surrounding the Delta Covid variant spread globally. —TLTP