Gold further slips to Rs89,200 per tola in local market

KARACHI: Gold rates in the domestic market saw a drop of Rs600 to trade at Rs89,200 per tola on Monday, ARY News reported.

Likewise, the price of 10 grams of precious yellow metal fell by Rs514 to Rs76,474.

Gold rates had climbed to an all-time high with an increase of Rs2850 per tola on Jan 2. The per tola rate of the precious metal had touched Rs93350.

10 grams of gold had also recorded an upsurge in price with an increase of Rs2442 to reach Rs80032.

Meanwhile, Gold prices fell to their lowest in nearly two weeks on Tuesday as risk appetite was whetted by stronger-than-expected China economic data and the imminent signing of a preliminary U.S.-China trade deal.

Spot gold dipped 0.6% to $1,538.84 per ounce by 0459 GMT. Earlier in the day, prices touched their lowest since Jan. 3 at $1,535.75. U.S. gold futures fell 0.7% to $1,539.70.

Asian shares rallied amid signs of goodwill between the world’s two top economies as they prepared to sign a truce in their 18-month-long tariff dispute that has upended the global economy.