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Gold continues to fall in local market

KARACHI: Gold rates in the domestic market decreased by Rs50 to Rs84,500 per tola on Tuesday, ARY News reported.

Likewise, the rate of 10 grams of yellow metal fell by Rs40 to Rs72,445.

On Monday, the gold rates in the local market slightly fell by Rs50 to Rs84,500.

Meanwhile, Gold in the international market rose on Tuesday on uncertainty over U.S.-China trade talks ahead of a Dec. 15 tariff deadline while investors looked to the U.S. Federal Reserve’s policy meeting for cues on its 2020 monetary outlook.

Spot gold rose 0.4% to $1,467.00 an ounce at 1323 GMT while U.S. gold futures gained 0.5% to $1,471.50. “Gold is riding higher on dollar weakness and caution ahead of a looming tariff deadline,” said FXTM analyst Lukman Otunuga.

If Washington proceeds with the earmarked tariffs, risk aversion is likely to engulf financial markets until the end of the year, boosting gold, he added.



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