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Gold prices fall

Gold prices fall

KARACHI: Gold rates in the local market decreased by Rs550 to Rs86,700 per tola on Friday, according to media.

Similarly, the price of 10 grams of the precious yellow metal fell by Rs472 to Rs74,331.

Meanwhile, gold rates in the global market also inched lower today and were on track for their biggest weekly decline in 2-1/2 years as a stronger dollar weighed, while optimism around U.S.-China trade talks dented bullion’s safe-haven appeal.

Spot gold was down 0.1% at $1,465.97 per ounce at 1101 GMT, poised for its biggest weekly drop – about 3% – since May 2017. On Thursday, prices fell to their lowest since Oct. 1 at $1,460.75.

U.S. gold futures were steady at $1,466.90.