ISLAMABAD
\nGold price inched down on Wednesday to its lowest level since early March due to a surge in the 10-year US Treasury yields amid an expected increase in the US interest rates.
\nAs of 1405 hours GMT, gold in the international market was available at $1,917.70 per ounce, shedding $0.30. Out of a $0.30 per ounce decrease, +$5.80 was due to the dollar\u2019s weakness and -$6.10 was due to predominant sellers, according to Kitco Gold Index.
\nThe price of 10 grams of 24-carat yellow metal in Pakistan, meanwhile, increased to Rs110,800 with an increase of Rs200. Gold in the local market was available at Rs110,600 on Tuesday last. The Pakistani rupee depreciated 0.12 percent against the US dollar during the day, which impacted the local gold prices negatively.
\nThe US Federal Reserve earlier hinted at the possibility of a 25 basis points rate hike in the coming week, as the FOMC started its meeting in this regard on Tuesday. The recent monster rally in commodity prices following Russia\u2019s invasion of Ukraine has raised worries about a major inflationary shock and is fuelling hawkish Fed expectations.
\nGold marked the fifth day of a negative move in the previous six sessions amid hopes for a diplomatic solution to the Russia-Ukraine conflict. The benchmark 10-year US Treasury bond yield rose more than one percent during the day.
\nThe US Dollar Index, which gauges the greenback against a basket of its main competitors, gave away part of the recent advance and fell 0.38 percent to 98.72. The index came under some mild downside pressure at the beginning of the week following two consecutive daily gains. The daily pullback in the greenback also came pari passu with the so far corrective move in US Treasury bond yields, as the recent selloff in cash markets around the world seems to be taking a breather on Wednesday.
\nFrom a technical perspective, the Relative Strength Index (RSI) has shifted its range from 40.00-60.00 to 20.00-40.00, which indicates an establishment of a bearish set-up.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Gold price inched down on Wednesday to its lowest level since early March due to a surge in the 10-year US Treasury yields amid an expected increase in the US interest rates. As of 1405 hours GMT, gold in the international market was available at $1,917.70 per ounce, shedding $0.30. Out of a $0.30 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-249785","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n