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Gold rates fall in local market

KARACHI: Gold rates in the local market slightly fell by Rs50 to Rs86,850 per tola.

The rate of 10 grams yellow metal decreased by Rs42 to Rs74,460.

Meanwhile, gold in global market also fell after a Brexit deal was struck by Britain and the European Union, though losses were limited by weak economic data from the United States and China.

Spot gold was down 0.2% at $1,489.02 an ounce at 1143 GMT. U.S. gold futures fell 0.4% to $1,492.50.

The European Union backed a new Brexit deal with Britain on Thursday, more than three years after Britons voted in a referendum to leave the bloc.

“The focus is on Brexit. The risk of a no deal Brexit has dropped and overall the sentiment on the Brexit front has improved a lot, but now it’s just the uncertainty of the vote,” said ABN Amro analyst Georgette Boele.

Prime Minister Boris Johnson now faces a Brexit showdown with parliament on Saturday.

“If the Brexit deal goes through, there will be a bit of pressure on gold, because there are a few investors who bought gold on the Brexit story,” Boele said.

Gold denominated in sterling hovered close to a near three-month low hit on Thursday.

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