The price of gold showed a significant decline of Rs1,200 and settled at Rs214,800 per tola for selling on February 6 compared with the previous price of Rs216,000 in the local market of Pakistan, the All Sindh Sarafa Jewellers Association reported.

Similarly, the price of 10 grammes of gold dropped by Rs1,029 to hit Rs184,156 as against the earlier price of Rs185,185.

The price of 10 grammes of 22 karat gold went down to Rs168,810 as against the previous price of Rs169,753.

Meanwhile, the price of per tola and 10 grammes of silver remained unchanged at Rs2,600 and Rs2,229.08, respectively.

In the international market, gold prices fell on Monday as the US dollar and Treasury yields surged after a robust jobs report crushed expectations of near-term interest rate cuts from the Federal Reserve, Reuters reported.

Spot gold was down 0.5% at $2,027.80 per ounce while US gold futures fell 0.4% to $2,044.90 per ounce.

“Large speculators and managed funds trimmed long exposure to gold futures for a fourth week … and with Jerome Powell reiterating three rate cuts for the year, it remains debatable as to whether gold can rally from here,” said Matt Simpson, a senior analyst at City Index.