According to the All Pakistan Jewelers Manufacturers Association, the rate of 10 grams of the yellow metal decreased by Rs 600 to Rs 93,106.

In the international market, gold prices eased on Tuesday, as a firmer dollar made bullion expensive for holders of other currencies while concerns that the U.S. Federal Reserve will tighten its monetary policy sooner than expected also dented the metal’s appeal.

According to Reuters, gold is seen as a hedge against inflation, though a rate hike by the Fed will increase the opportunity cost of holding bullion and dull its appeal.

Earlier on June 23, gold prices had continued their upward trend for the third consecutive day as the per tola price of the precious metal witnessed an increase of Rs 850 to Rs 110,200 in the domestic market.