The price of gold remains on the back foot for the second consecutive day, losing the level of $1,900 an ounce despite a weaker US dollar.
At 1105 GMT, gold in the international market was trading at $1,897.90 an ounce after shedding $2.60 an ounce in its value as compared to its closing value on Tuesday last.
Meanwhile, the price of 10 grams of yellow metal in Pakistan has reached Rs94,700 after shedding Rs100. The closing price of 10 grams gold was recorded at Rs94,800 on Tuesday last.
The analysts said that upbeat headlines suggesting the US-China trade deal and Covid support from global institutions like the International Monetary Fund (IMF) and the World Health Organisation (WHO) seem to cut the safe-haven demand for gold.
They said that gold is pretty much drawing its strength from inflation fears and some inclination of the yields. They said that the dollar is staying weaker and gold bulls now have their eyes set at $2,000 an ounce.—TLTP