KARACHI: Gold rates in the local market increased by Rs200 to stand at Rs86,200 per tola on Wednesday, according to media reports.
Similarly, the rate of 10 grams of yellow metal rose by Rs172 to Rs73,903.
Meanwhile, gold prices in the global market rose to their highest in nearly two weeks on Wednesday as U.S. Senate measures on Hong Kong posed a potential roadblock for a trade deal between the United States and China, denting appeal for riskier assets.
Spot gold was up 0.3% at $1,476.50 an ounce by 1015 GMT and U.S. gold futures rose 0.2% to $1,477.
“The U.S. senate passing the Hong Kong democracy bill is raising further risk of a trade deal running into problems and it’s causing some renewed risk-off in the markets,” said Saxo Bank commodity strategist Ole Hansen. “We see stocks trading weaker, bond yields moving lower and gold is ticking higher.”
