KARACHI: Gold rates in the local market decreased by Rs100 to Rs86,200 per tola on Saturday, according to media reports. The rate of 10 grams gold also fell by Rs86 to Rs73,902.
It is noteworthy that gold prices in the global market slipped on Friday, on track to break a three-session winning streak as stock markets hit record highs following comments from U.S. officials that progress was being made on the “phase one” trade agreement with China.
Spot gold was down 0.3% at $1,466.78 per ounce at 2:08 p.m. EST (1908 GMT).
U.S. gold futures settled down 0.3% at $1,468.50 per ounce.
“Overall trading gold has been impacted by the trade war and there is tremendous optimism with the final stages of getting stage one deal ratified,” said Edward Moya, a senior market analyst at OANDA.
“This has been the biggest headwind for the global economy and a major de-escalation is derailing the safe-haven demand (for gold).”