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Gold slips to Rs 89,800 per tola in local market
(FILES) - Gold bars are pictured on April 6, 2009 at a plant of gold refiner and bar manufacturer Argor-Heraeus SA in Mendrisio, southern Switzerland. The price of gold hit a record high above 1,100 dollars an ounce in trading on November 6, 2009 in London following a report that Sri Lanka had joined India in purchasing the precious metal in favour of the US currency. AFP PHOTO / SEBASTIEN DERUNGS (Photo credit should read SEBASTIAN DERUNGS/AFP/Getty Images)

Gold slips to Rs 89,800 per tola in local market

KARACHI: Gold rates in the domestic market saw a drop of Rs500 to trade at Rs89,800 per tola on Monday. Likewise, the price of 10 grams of precious yellow metal fell by Rs427 to Rs76,989.
Gold rates had climbed to an all-time high with an increase of Rs2850 per tola on Jan 2. The per tola rate of the precious metal had touched Rs93350. 10 grams of gold had also recorded an upsurge in price with an increase of Rs2442 to reach Rs80032.
Meanwhile, gold prices fell on Monday as Asian stocks touched 19-month highs ahead of the planned signing of an interim trade deal between Washington and Beijing, which has encouraged investors to plough back into riskier assets.
Spot gold dipped 0.6% to $1,552.42 per ounce by 0756 GMT. U.S. gold futures fell 0.4% to $1,553.30. Asian shares rose to new 19-month highs ahead of the Phase 1 deal due to be signed at the White House on Wednesday.