Gold price in the country remained on an upward trend and increased by Rs900 on Monday, following a consistent surge in the prices in the international markets. According to the data provided by the Karachi Sarafa Association, the price for one tola of 24-karat gold increased to Rs221,200 from Rs220,300. Similarly, the price for 10 grams of 24-karat gold increased to Rs189,643 from Rs188,872, showing an uptick of Rs771. Following suit, the price for 10 grams of 22-karat gold increased to Rs173,840. During the month of February, the price for one tola of 24-karat gold increased by Rs200 to Rs215,700 from Rs215,500 while in January, the price for one tola of 24-karat gold decreased by Rs4,500 to Rs215,500 from Rs220,000. On the other hand, gold futures in the international market as of 1230 hours GMT were available at $2,082 per ounce, showing a dip of $0.30. Out of the $0.30 decrease, +$0.80 was due to weakening of the US dollar and -$1.10 was due to predominant sellers, according to the Kitco Gold Index. Gold price fluctuated in a tight channel at around $2,080 after touching a fresh 2024-high of $2,088 earlier in the day. The benchmark 10-year US Treasury bond yield held steady near 4.2 percent following Friday’s decline, making it difficult for gold prices to gather directional momentum. Friday’s disappointing release of the US ISM Manufacturing PMI and the University of Michigan’s Consumer Sentiment Index, along with less-hawkish remarks by Federal Reserve (Fed) officials, reaffirmed bets for a June rate cut. This, in turn, kept the US dollar bulls on the defensive and acted as a tailwind for the yellow metal. From a technical perspective, Friday’s breakout through the $2,062-2,064 horizontal barrier was seen as a fresh trigger for bullish traders and supports prospects for additional gains. That said, the Relative Strength Index (RSI) on the daily chart is hovering near the overbought zone and holding back bulls from placing fresh bets. This makes it prudent to wait for some near-term consolidation before positioning for an extension of a nearly three-week-old uptrend. The $2,064-2,062 region now seems to protect the immediate downside. Sustained weakness below, however, might prompt aggressive technical selling and expose the 50-day Simple Moving Average (SMA) support, currently pegged near the $2,034 area.