The price of gold recorded a decline of Rs1,000 in the domestic market of Pakistan on Wednesday.

The price of gold showed a dip of Rs1,000 per tola to reach Rs212,600/tola. Similarly, gold 10 grammes recorded a decrease of Rs858 to hit Rs182,270 in the local market.

International gold prices edged up on Wednesday, buoyed by weaker Treasury yields, but bullion was still near its lowest in over three weeks as the dollar inched higher ahead of the US Federal Reserve’s interest rate decision and policy outlook, Reuters reported.

Spot gold gained 0.1% at $1,981.30 per ounce, as of 1157 GMT. US gold futures rose 0.2% to $1,997.60.

“Gold is repricing with what’s happening in the yields market, because investors have been extremely confident that the Federal Reserve is going to cut rates quickly in the first part of 2024, now market is a less sure about it,” said Carlo Alberto De Casa, market analyst at Kinesis Money.