Gold falls Rs200 per tola

KARACHI: Gold rates in the local market decreased by Rs200 to Rs86,900 per tola on Tuesday.

The rate of 10 grams gold decreased by Rs174 to Rs74,498.

Meanwhile, gold prices in the global market inched higher today ahead of a crucial vote by British lawmakers on the Brexit withdrawal agreement, although prospects for a U.S.-China trade deal limited bullion’s gains.

Spot gold was up 0.2% at $1,487.63 per ounce as of 1042 GMT, having hit a roughly one-week low of $1,480.44. U.S. gold futures were also up 0.2%, at $1,490.70.

“There is an uncertainty about Brexit and some people realise that there still are roadblocks ahead,” Quantitative Commodity Research analyst Peter Fertig said.

“We have a rebound in government bond prices, including in Germany and Italy, which is pointing to a flight back into safe havens,” Fertig said, noting declining yields are supportive for gold.