Gold falls Rs200 per tola

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KARACHI: Gold rates in the local market decreased by Rs200 to Rs86,900 per tola on Tuesday.

The rate of 10 grams gold decreased by Rs174 to Rs74,498.

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Meanwhile, gold prices in the global market inched higher today ahead of a crucial vote by British lawmakers on the Brexit withdrawal agreement, although prospects for a U.S.-China trade deal limited bullion’s gains.

Spot gold was up 0.2% at $1,487.63 per ounce as of 1042 GMT, having hit a roughly one-week low of $1,480.44. U.S. gold futures were also up 0.2%, at $1,490.70.

“There is an uncertainty about Brexit and some people realise that there still are roadblocks ahead,” Quantitative Commodity Research analyst Peter Fertig said.

“We have a rebound in government bond prices, including in Germany and Italy, which is pointing to a flight back into safe havens,” Fertig said, noting declining yields are supportive for gold.

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