KARACHI: Gold rates fell by Rs100 to Rs92,150 per tola in the domestic market on Tuesday, ARY News reported.
Similarly, the rate of 10 grams of the yellow metal saw a drop of Rs86 and traded at Rs79,003.
In the global market, however, gold prices rose, supported by hopes that major central banks will cut interest rates as top policymakers from the Group of Seven countries unite to deal with the coronavirus and it’s economic impact.
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Spot gold was 0.5% higher at $1,599.01 per ounce by 1045 GMT, having gained more than 1% in the previous session. U.S. gold futures firmed 0.3% to $1,600.10.
“The Fed fund futures have seen a shift from just pricing in one rate cut this year to three now, these shifting expectations have resulted in the weakening of the dollar and a supportive environment for gold prices,” said FXTM market analyst Han Tan.
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