ISLAMABAD: 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 market was available at $1,809.70 per ounce after shedding $5.10 as compared to its closing value on Friday 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 country 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. TLTP
The risk-on rally in the global stocks combined with stabilising treasury yields weighs negatively on gold price.
They said the investors also ignored the mounting tensions surrounding the Delta Covid variant spread globally. Attention now turns towards US ISM Manufacturing PMI and corporate earnings reports for fresh trading impulse, they opined.
