Gold price inched up on Friday despite a stronger US dollar and rising treasury bond yields. As of 1310 hours GMT, gold in the international market was available at $1,934 per ounce, gaining $2.80 (+0.14 percent). Out of the $2.80 per ounce increase, -$5.40 was due to stronger dollar and +$8.20 was due to predominant buyers, according to Kitco Gold Index.
The price of 10 grams of 24-carat yellow metal in Pakistan, meanwhile, decreased to Rs114,800 after shedding Rs2,300. Gold price in the local market settled at Rs117,100 on Thursday last. A relatively higher decrease in local gold prices was due to strengthening rupee against the US dollar. The State Bank of Pakistan said that the dollar opened at Rs188.18 in the interbank market and closed at Rs184.68 after losing Rs3.50 (+1.9 percent).
From a technical perspective, the bulls need a decisive close above the 21-daily moving average (DMA) at $1,935 to kick start a fresh uptrend. Sustained strength beyond this resistance might trigger a short-covering move and push gold prices to an intermediate hurdle at $1,945.
On the flip side, the gold price is lacking a clear directional bias and enjoys strong support at $1,930. A daily closing below $1,925 is needed to yield a sustained move lower. The $1,910 level seems to protect the immediate downside ahead of the $1,9o0 psychological level.
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