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Gold rates fall in local market

Gold rates fall in local market

KARACHI: Gold rates in the local market slightly fell by Rs50 to Rs84,500 per tola. The rate of 10 grams of yellow metal decreased by Rs40 to Rs74,445.

Gold was steady on Monday as investors await cues from the U.S. Federal Reserve on interest rates later this week, while trying to size up the chances of a new round of US tariffs on Chinese goods.

Spot gold was flat at $1,460 per ounce by 0500 GMT. U.S. gold futures was flat at $1,464.50.

The U.S. Fed will meet on Dec.10-12 for an interest rate decision and investors were likely to focus on the outlook for next year and beyond.

A strong U.S. jobs data last week has renewed bets that the Federal Reserve would stand pat on interest rates. Lower interest rates reduce the opportunity cost of holding non-yielding bullion.