Gold caught a fresh bid on Thursday but remained confined in a range due to firmer treasury yields, despite the US dollar remaining broadly subdued amid a return of risk appetite. At 13:50 GMT, gold in the international market was trading at $1,782.90 an ounce after gaining $4.60 an ounce in its value as compared to its closing value on Wednesday last. Meanwhile, the price of 10 grams of yellow metal in Pakistan decreased to Rs90,600 with a loss of Rs100. The price of yellow metal in the country remained Rs90,700 on Wednesday. According to analysts, gold continued with its struggle to build on this week’s modest gains and has been oscillating in a range over the past three trading sessions. Currently trading slightly above the $1,780 level, the prevalent risk-on mood was seen as a key factor that acted as a headwind for the safe-haven gold. Apart from this, a modest pickup in the US Treasury bond yields further collaborated to cap the upside for the non-yielding gold. A softer tone surrounding the US dollar extended some support to the dollar-denominated commodity and helped limit the downside.
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