Gold prices consolidated the overnight gains on Wednesday, holding up the 200-daily moving average (DMA) for the eighth consecutive session. As of 1250 hours GMT, gold in the international market was available at $1,817.90 per ounce, gaining $3.50. Gold witnessed the overnight sharp upward slide from the 1,800 to $1,814 in the closing hours of the international market. The price of 10 grams of yellow metal in Pakistan, meanwhile, went up to Rs103,300 after gaining Rs1,100. Gold in the local market was available at Rs102,200 on Tuesday last. A relatively higher increase in the price of yellow metal in the local market was due to an overnight increase in its price when the local market was closed. According to experts, gold rebounded despite the ongoing rally in the US Treasury bond yields and the dollar, as the relentless surge in new coronavirus cases globally underpinned gold’s inherent safe-haven appeal. The US set a global record of almost 1 million new Covid infections while China saw fresh outbreaks and restrictions. The bright metal also drew support from downbeat US ISM Manufacturing PMI data, with the headline figure disappointing with 58.7 in December alongside the sub-indices.