KARACHI: Gold prices in the domestic market decreased by Rs80 to Rs87,800 per tola on Monday.
Rate of 10 grams of the precious yellow metal fell by Rs69 to Rs75, 274, according to All Pakistan Jewellers Association.
Meanwhile, gold in the global market also inched lower on increasing risk appetite amongst investors, driven by optimism on U.S.-China trade talks and fading fears of a global economic slowdown.
Spot gold fell 0.2% to $1,510.60 per ounce at 1056 GMT. U.S. gold futures edged 0.1% higher at $1,512.70.
“Gold has been caught in a range for a few weeks considering that these recession fears have really faded. Also, there was some progress in the trade talks, this is really holding gold back at the moment,” said Julius Baer analyst Carsten Menke.
“It’s really this kind of shift of sentiment in financial markets — from concern to rather optimistic — which is causing some headwinds to gold.”
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