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Gold rates down Rs650 per tola

Gold rates down Rs650 per tola

KARACHI: Gold rates fell by Rs650 to Rs93,850 per tola in the local market on Friday.

The bullion price of 10 grams of the precious yellow metal dropped by Rs556 to Rs80,461 while that of one gram decreased by Rs54 to Rs8046.

Meanwhile, the global market saw gold prices retreating as investors booked profits from a 1% jump in the last session, but the metal had some support as mounting concerns over the rapid spread of coronavirus lifted expectations of rate cuts by major central banks.

Spot gold was down 0.7% at $1,630.86 per ounce by 0845 GMT. U.S. gold futures slipped 0.6% to $1,631.90 per ounce.

“This virus is getting a lot more serious … People are worried there might be a need for some more stimulus measures, so that means lower (interest) rates,” said John Sharma, economist at National Australia Bank, adding that high prices prompted some profit-taking.

Bets rose that the U.S. Federal Reserve would cut interest rates as soon as next month to cushion the economy from the virus’ impact.