Gold rises Rs200 per tola
KARACHI: Gold rates in the local market increased by Rs200 to stand at Rs86,450 per tola on Wednesday, ARY News reported.
Similarly, the rate of 10 grams of yellow metal rose by Rs171 to Rs74,116.
Meanwhile, gold prices rose on Wednesday after a speech by U.S. President Donald Trump dashed hopes for a positive sign on a U.S.-China trade deal, prompting investors to seek safety in the metal.
Spot gold rose 0.3% at $1,460.89 per ounce at 0750 GMT, while U.S. gold futures advanced 0.6% at $1,462.70 per ounce.
Asian stocks and Wall Street futures fell as growing worries that trade talks are stalling and concern about intensifying unrest in Hong Kong hurt demand for risky assets.
Read More: Gold falls Rs450 per tola
U.S. and Chinese negotiators were “close” to a “phase one” trade deal, Trump said in Tuesday’s speech to the Economic Club of New York, but offered no new details on negotiations.
“The downtrend (in gold) has paused. President Trump, on one hand, said the deal was close and, on the other hand, said he will raise the tariffs if a deal is not reached,” said Michael McCarthy, chief market strategist at CMC Markets.
“This didn’t help the trade situation but supported gold.”