All Sindh Sarafa Jewellers Association reported the 24-karat per tola gold was sold at Rs277,800 on Friday against its sale at Rs 282,800 on previous trading day.

The association further reported that the price of 10 grams of 24 karat gold also decreased by Rs4,286 to Rs238,169 from Rs242,455. The rate of 10 gram 22 karat also went down to Rs218,321from Rs222,250.

In the international market, gold price surrendered a major part of its intraday gains and retreats to the lower end of the daily range during the first half of the European session on Friday, according to FXStreet.

The report said that the growing market conviction that the Federal Reserve (Fed) will adopt a cautious stance on cutting interest rates, amid signs that the progress in lowering inflation to its 2% target has stalled, remains supportive of elevated US Treasury bond yields. This, in turn, assists the US Dollar (USD) to preserve its gains registered over the past week or so, to a fresh monthly peak and acts as a headwind for the non-yielding yellow metal.