Gold rises Rs100 per tola

KARACHI: Gold rates in the local market rose by Rs100 to Rs85,700 per tola on Monday.

The rate of 10 grams of yellow metal saw an increase of Rs85 and clocked in at Rs73,473, according to Muhammad Arshad, chairman of the All Pakistan Jewelers Association.

Meanwhile, gold in the global market edged down to a one-week low today after the United States and China expressed willingness to sign an initial trade deal by year-end, boosting market sentiment and driving investors to higher-risk assets.

Having fallen for the previous three sessions, spot gold was down 0.3% at $1,457.03 per ounce at 1201 GMT, after earlier touching its lowest since Nov. 18 at $1,455.90. U.S. gold futures were down 0.5% at $1,456.90.

“The ultimate threat of a full escalation into a trade war, with bans and boycotts, is off the radar screen at least for the moment,” Julius Baer analyst Carsten Menke said.

“The markets are being comforted by recent (trade) developments. That’s why equities are high,” he said, adding firmer stock markets are keeping gold prices range-bound between $1,450-$1,480.