Gold prices rise Rs400 per tola

KARACHI: Gold prices increased by Rs400 to Rs91,230 per tola in the local market on Tuesday, ARY News reported.

Similarly, the rate of 10 grams of the precious yellow metal saw an increase of Rs343 and traded at Rs78,215.

Meanwhile, gold climbed to a two-week high in the global market as investors sought safe havens after a revenue warning from iPhone maker Apple due to coronavirus, exacerbating fears of the outbreak’s impact on global economic growth.

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Spot gold was up 0.4% at $1,586.63 per ounce by 1257 GMT, having earlier risen to its highest since Feb. 3 at $1,589.40. U.S. gold futures inched up 0.2% to $1,589.70.

“We’re seeing some renewed weakness in the stock markets following the announcement by Apple … it highlights that this (coronavirus epidemic) is not just an isolated event unfolding in China,” said Saxo Bank analyst Ole Hansen.

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