Daily Times

Gold prices inched up in the international market on Monday amid a retreat in the US Treasury yields, as the risk-off mood remains at full steam. At 1155 hours GMT, gold in the international market was available at $1,756.70 per ounce after gaining $1.90. Meanwhile, the price of 10 grams of yellow metal in Pakistan increased to Rs95,500 after gaining Rs700. The closing prices of the yellow metal in the country remained Rs94,800 on Saturday last. The prices in the local market increased due to depreciation of the rupee against the US dollar. According to experts, gold price is making a minor recovery attempt amid a retreat in the US Treasury yields, as the risk-off mood remains at full steam. The benchmark US 10-year yields are down about 2 percent so far. Escalating tensions surrounding indebted China’s property developer Evergrande and risks of a global economic slowdown weighs on the investors’ appetite for riskier assets. They said however, the further upside in gold price appears elusive due to a broad-based US dollar strength, as the Fed’s tapering expectations and risk-aversion underpins the greenback’s safe-haven appeal. They opined that gold price will remain exposed to downside risks, as investors prefer to hold the US currency ahead of this week’s Fed policy decision.