KARACHI: Gold rates in the domestic market decreased by Rs200 to Rs85,000 per tola on Friday.
Likewise, rate of 10 grams of yellow metal fell by Rs171 to Rs72,873.
Gold rates, in the global market, was little changed today, but still on track to post its biggest monthly decline in three years, as investors sought clarity on the U.S.-China trade developments after United States backed anti-government protesters in Hong Kong.
Spot gold fell 0.1 % to $1,456.37 per ounce as of 1101 GMT, while U.S. gold futures inched 0.2% higher to $1,455.70.
“Gold is trading sideways awaiting clarity on how the Chinese will react to the latest developments on the Chinese-U.S. trade deal. At the moment, a risk-off environment is providing moderate support to gold,” said UBS commodity analyst Giovanni Staunovo.
Investors were uncertain about the fate of a ‘phase-one’ trade deal between the two economies, after Beijing warned the United States on Thursday it would take “firm counter measures” in response to U.S. legislation backing anti-government protesters in Hong Kong.
This weighed on risk assets, with European shares down for a second session, and provided support to safe-haven gold.
