Daily Times

Gold price increased on Wednesday as US bond yields plunged to five weeks low, supporting gold prices. As of 1420 GMT, gold was available in the international market at $1,821 per ounce after gaining $12.70. Meanwhile, the price of 10 grams of yellow metal in Pakistan increased to Rs93,300 with a gain of Rs 500. The closing price of yellow metal in the country remained Rs92,800 on Tuesday. According to analysts, gold price is back in holding onto the recent upbeat momentum above $1800, having witnessed an up and down session a day before. The US inflation surged to the highest level in 13 years last month and reignited Fed’s hawkish expectations, boosting the US dollar across the board at gold’s expense. However, they said, mounting Delta Covid strain concerns and US stimulus optimism kept the gold bulls motivated. Heading into the Fed Chair Jerome Powell’s showdown, gold is heading back towards the previous week’s high, as the dollar bulls take a breather, awaiting fresh hints on the timing of a likely tapering, they said.