Gold staged a decisive rebound on Friday with a gain of one percent amid fall in the US treasury yields. Gold in the international market was available at $1,807.40 per ounce after gaining $18 at 1300 hours GMT. Meanwhile, the price of 10 grams of yellow metal in Pakistan increased to Rs102,600 after gaining Rs1,700. Gold in the local market was available at Rs101,900 per 10 grams on Thursday last. The relatively higher increase in local gold price was due to depreciation of the Pakistani rupee against the US dollar, as the local unit shed 48 paisas (-o.27 percent) in the interbank market that pushed up the dollar to Rs175.46. The intense flight to safety amid cases of the new Covid variant is causing US Treasury bond yields to fall sharply and fuelling gold’s rally. The 10-year bond coupon drops the most since July and its two-year counterpart marking the heaviest fall since March 2020 amid fears over the Covid-19 variant. The US 10-year Treasury dropped 2.2 basis points (bps) to 1.64 percent after refreshing monthly high the previous day even as the Federal Open Market Committee (FOMC) minutes said, “Some participants said faster tapering could be warranted.” From a technical view, gold bulls need acceptance above the powerful $1,818 resistance. The next relevant upside target is seen at $1,832-34 level. A convincing breakthrough the latter will suggest that the corrective fall has run its course and lift gold to the next relevant barrier near the $1,850 region. On the flip side, support around the $1,800 psychological level will act as a key pivotal point for short-term traders. The next level of support lies near $1,790, the previous day closing price. A convincing break below will be seen as a fresh trigger for bearish traders and pave the way for additional losses around the $1,783-82 zone.