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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 Rs250 to Rs87,250 per tola, according to media on Wednesday. The rate of 10 grams yellow metal decreased by Rs214 to Rs74,802

Meanwhile, gold prices edged higher on Wednesday, after falling over 1% in the previous session, as investors took a step back from riskier assets in the absence of concrete developments on the U.S.-China trade front.

Spot gold XAU=rose 0.1% to $1,485.73 per ounce at 0500 GMT. On Tuesday, prices registered their biggest one-day percentage drop since late-September, at 1.7% due to a stronger dollar and higher bond yields. U.S. gold futures GCv1were up 0.2% at $1,487.40.

“Equities are off a little bit, bonds yields are also down, these factors are helping gold,” AxiTrader market strategist Stephen Innes said, adding there was also some short-covering.

Asian shares pulled back slightly as some investors started to temper their optimism in the absence of concrete progress in negotiations between the world’s two largest economies on scaling back their bruising trade war.