Gold price in the country snapped a three-week winning streak and fell by Rs8,000 (-3.58 percent) per tola on week-on-week, in line with the decline in the international rate. The gold rate for a single tola of 24-karat decreased to Rs215,600 from Rs223,600, according to the data shared by Karachi Sarafa Association and All Pakistan Gems and Jewellers Sarafa Association (APGJSA). Similarly, the price of 10 grams of 24-karat gold closed at Rs184,842 against Rs191,701 at the start of the week, reflecting a decrease of Rs6,859. With a premium of $20, the international rate of gold in Pakistan was set at $2,024 per ounce, after a decline of $26 in the international market, APGJSA said. The Pakistani rupee made gains against the US dollar for the fourth week in a row and improved by Rs1.10 in the interbank market, while the local unit improved by Re1 in the open market. The local unit has improved by Rs3.16 during the previous four weeks in the interbank market. Since gold is denominated in the US dollars, when the local unit appreciates against the greenback, the value of gold in the local market decreases if all other factors remain the same. As global prices remained on a downward trend amid rupee’s appreciation, the price of yellow metal went down relatively more in the country during the week. In global markets, gold closed the week at $2,004.50 per ounce against $2,071 in the preceding week, showing a week-on-week decrease of $66.50 (-3.21 percent) and falling for the first time in four weeks. During the week, gold price retreated below the $2,000 mark to $1996 for the first time since November 24, spurred by the latest US employment report showing the labour market was improving. The US Bureau of Labour Statistics showed the economy created 199,000 jobs, exceeding forecasts of 180,000, while the unemployment rate ticked down from 3.9 percent to 3.7 percent. That spurred a rally in the US dollar, making dollar-denominated commodities more expensive. The US 10-year benchmark note yield surged to 4.237 percent, weighing on gold prices. Gold opened with a huge bullish gap and reached a new all-time-high near $2,150 on Monday as markets reacted to escalating geopolitical tensions. After Yemen’s Houthi rebels hit three commercial ships in the Red Sea on Sunday, a US warship responded by shooting down three drones. This development revived fears over the Israel-Hamas conflict turning into a widespread crisis in the Middle East. Following the record-setting upsurge, profit-taking triggered a deep correction in gold price and brought it down to $2,030. From a technical perspective, the Relative Strength Index (RSI) indicator on the daily chart declined towards 50 after rising to overbought territory above 70 on Monday. Both of these technical developments point to a loss of bullish momentum. On the downside, $2,000 (psychological level) aligns as immediate support. A daily close below this level could attract technical sellers and open the door for an extended downward correction towards $1,980 and $1,960 (50-day Simple Moving Average). On the flip side, gold needs to stabilize by turning $2,020 into support to turn bullish again. In this scenario, gold could face resistance at $2,060 before targeting $2,080.