In the local market, the price of gold per tola fell by Rs1,100, settling at Rs274,400. Similarly, the price for 10 grams of gold dropped by Rs943, reaching Rs235,254, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

This decline follows a modest increase the previous day, where gold prices rose by Rs600 to close at Rs275,500.

On the international front, gold prices also dropped, with APGJSA reporting a rate of $2,642 per ounce (including a $20 premium), down by $11 for the day. Silver prices remained unchanged at Rs3,050 per tola.

Last week, gold prices peaked at a record high of Rs277,000 per tola in Pakistan.

Globally, gold traded in a narrow range as traders awaited key US economic data that could influence anticipated interest rate cuts by the Federal Reserve later this year.

Spot gold held steady at $2,655.03 per ounce as of 0333 GMT, after reaching a record high of $2,685.42 on September 26. In contrast, US gold futures saw a slight increase of 0.2%, rising to $2,675.40.

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