Gold price went down by around 1.60 percent in the international market in the last trading session of the week, after remaining high for three consecutive days, due to rebound in the US Treasury yields. Gold in the international market was available at $1,768.40 per ounce after shedding $28.70. Meanwhile, the price of 10 grams of yellow metal in Pakistan decreased to Rs97,200 on Saturday after shedding Rs400. Gold in the local market was available at Rs97,600 per 10 grams on Friday. As the local market remains open on Saturday, the overnight fall or increase in gold price is adjusted on the next day. According to experts, the gold price is reversing from monthly highs just ahead of the $1,800 mark, as the US dollar rebounds in tandem with Treasury yields amid the upbeat market mood. Robust US corporate earnings douse fears over growing inflation risks, boosting the investors’ sentiment at the expense of the safe-haven gold. Meanwhile, failure to find a hold above the $1,800 mark pushes gold price lower, as traders await the US consumer-centric data for a decisive move in the bright metal. They said that from current levels, any subsequent decline is likely to find decent support near the $1,762. Sustained weakness below might prompt some technical selling and drag spot prices back towards the $1,750 static support. A convincing break below will shift the bias back in favour of bearish traders and turn gold vulnerable to retest September monthly swing lows, around the $1,722-21 zone.
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