Gold price struggled to hold ground above $1,800 an ounce mark once again on Friday despite weakening US dollar and Treasury yields extend the rebound amid a recovery in the risk sentiment. As of 1140 GMT, gold was available in the international market at $1,800.50 per ounce after shedding $3.60.
Meanwhile, the price of 10 grams of yellow metal in Pakistan decreased to Rs92,300 with a loss of Rs300. The closing price of yellow metal in the country remained Rs92,600 on Thursday.
According to analysts, gold price appears to lack a clear directional bias. Although it remains on track to book the third straight weekly advance, as the narrative of slowing economic recovery continues to support it. Gold traders remain hopeful that recovery headwinds would compel central banks to maintain a prolonged accommodative monetary policy stance. However, gold’s further upside appears at risk, as the risk-off market profile could likely keep the haven-demand for the US dollar alive, weighing negatively on the dollar-denominated bullion. Markets will continue to take cues from the dynamics in the yields and the greenback amid a light US docket.
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