KARACHI: Gold rates in the domestic market fell by Rs300 to Rs87,500 per tola on Tuesday, according to media. Price of 10 grams of the precious yellow metal decreased by Rs204 to Rs75,017.
Meanwhile, gold also fell in the global market as optimism over U.S.-China trade ties and fading fears of a recession buoyed European stocks, deflecting investors’ interest from the safe-haven metal.
Spot gold fell 0.5% to $1,502.21 per ounce at 1211 GMT, while U.S. gold futures was down 0.5% to $1,504.
“Gold investors are leaving safe-havens and sailing into more risky waters,” Quantitative Commodity Research analyst Peter Fertig said.