Gold prices declined in both international and Pakistani markets as rising global crude oil prices triggered concerns over inflation and possible interest rate hikes.

In the international market, gold fell by $52 per ounce, bringing the price down to $4,714 per ounce.

The decline was also reflected in Pakistan’s bullion markets, where the price of 10 grams of gold dropped by Rs4,458, while the price per tola decreased by Rs5,200.

Following the drop, the price of 10 grams of gold settled at Rs423,321, while the per tola rate fell to Rs493,762.

The downward trend comes as higher oil prices raise fears of inflation, which in turn increases the likelihood of interest rate hikes, impacting gold demand globally.