The per tola price of gold decreased to Rs275,500 compared to Rs276,000 on last trading day, the All Sindh Sarafa Jewellers Association reported.

The association said the price of 10-gram of 24-karat gold also decreased by Rs428 to Rs236,197 from Rs236,625 whereas the price of 10 gram 22 karat gold went down to Rs 216,514 from Rs. 216,907.

FX Street reported that gold pulled back to trade in the $2,640s per troy ounce on Monday, as traders take profit after last week’s almost 1.4% rally to new all time highs. A historic rally in Chinese stocks, which saw the benchmark CSI 300 gain over 7.50% during the Asian session on Monday alone, as well as a brighter outlook for the Chinese property market due to falling mortgage rates diverts capital away from Gold as a safe-haven.

It further reported that gold traders have been surfing a wave that started after a seismic shift in the US, where the Federal Reserve (Fed) opted to cut interest rates by a “jumbo” 0.50% at their September meeting, lowering the opportunity cost of holding the precious metal. However, better-than-expected US data since then have slightly lowered the chances of the Fed making another aggressive 50 basis point (bps) rate cut in November, though chances of this scenario occurring still remain above 50%, according to the CME FedWatch tool.

However, the price of per tola and 10-gram silver remained constant at Rs3,050 and Rs2,614.88 respectively.