KARACHI: Gold rates in the local market stabilised at Rs85,900 per tola on Friday.
Similarly, the price of 10 grams of the precious yellow metal remained unchanged at Rs73,645, according to Muhammad Arshad, chairman of the All Pakistan Jewelers Association.
Meanwhile, gold rates in the global market were on track for a second straight weekly gain today, as uncertainties about the fate of a “phase one” trade deal between the United States and China lingered, Reuters adds.
Spot gold inched 0.4% higher to $1,470.46 per ounce as of 1052 GMT. The metal has gained about 0.3% in the week, after a 0.6% rise last week. U.S. gold futures climbed 0.5% to $1,470.70 per ounce.
“Gold is on the bullish side given the ongoing uncertainty regarding trade talks which increased following the approval of the Hong Kong bill in the U.S. congress,” Commerzbank analyst Carsten Fritsch said.
“In all likelihood, Trump will sign it (the bill) which could be a stumbling block for a solution in trade talks, and hurt prospects of continued negative interest rates. This has continued to support investment demand in gold.”
