Gold prices slipped following Thursday’s policy decisions from the European Central Bank and Bank of England amid persistent inflationary pressures. As of 1415 hours GMT, gold in the international market was available at $1,803.20 per ounce, shedding $3.20. Out of $3.20 per ounce decrease, +$6 was due to the dollar’s weakness while the price went down by -$9.20 due to predominant sellers. The price of 10 grams of yellow metal in Pakistan, meanwhile, decreased to Rs102,000 after shedding Rs100. Gold in the local market was available at Rs102,100 on Wednesday last. Local gold prices decreased as Pakistani rupee made some gains against the US dollar during the day, which also impacted local prices negatively. The European Central Bank opted to hold interest rates steady, defying growing pressure to curb stimulus plans. Inflation in the euro zone rose to 5.1 percent in January, despite expectations for a sharp drop to 4.4 percent. In the UK, the Bank of England raised rates again — the first back-to-back interest rate hike since 2004 — and began the process of quantitative tightening. As expected, the BOE’s Monetary Policy Committee voted unanimously for a 25 basis point rate increase to take the main bank rate to 0.5 percent. From a technical perspective, the Relative Strength Index (RSI) is inching lower towards the midline, justifying the latest pullback in gold price. The immediate downside support is seen at $1,800. Sellers will then target $1,795, where the 100-day SMA and Tuesday’s low meet. A sharp drop towards $1,780 cannot be ruled out on a breach of the latter, which is last Friday’s low. On the flip side, the gold price is challenging the $1,813 level on renewed upside. A firm break above the $1,813 upside barrier will expose the horizontal 100-SMA resistance at $1,819. However, with the 50-SMA looking to cut the 200-SMA from above, which if materialized would confirm a bearish signal for gold traders.