KARACHI: Gold prices fell by Rs500 to Rs86,900 per tola in the local market on Monday.
The rate of 10 grams of the precious yellow metal saw a drop of Rs429 and was traded at Rs74,502.
Meanwhile, gold prices in the global market were weighed down by a robust dollar as fears of an escalation in the U.S.-China trade war eased, Reuters adds.
Markets received tempirary reassurance over news that the US administration was considering delisting Chinese companies from US stock exchanges, with a spokeswoman for the White House saying it is not contemplating such a move “at this time”.
Spot gold dropped 0.7% to $1,486.59 an ounce. Prices have shed about 3% since hitting a three-week high of $1,535.60 on Sept. 24.
“Gold has run out of steam, and is looking for additional news to drive it higher … The dollar has shown some grip and the strong rally in bonds at the start of this quarter has faded, and markets continue to be well behaved,” Saxo Bank’s Hansen said.
Spot gold could fall towards $1,462, as suggested by its wave pattern and a retracement analysis, said Reuters analyst Wang Tao.
