The 24-karat gold sold at Rs275,000 per tola compared to its sale at Rs275,700 on last trading day, the All Sindh Sarafa Jewellers Association reported.

As per the association, the price of 10-gram of 24 karat gold decreased by Rs600 to Rs235,768 from Rs236,368. The price of 10-gram gold of 22-karat decreased to Rs216,121 from Rs216,671, it added.

In the international market, gold recovered into the $2,650s after weakening following an easing of tensions in the Middle East, according to FX Street.

This came after a The Wall Street Journal (WSJ) exclusive in which Israeli Prime Minister Benjamin Netanyahu reportedly told US President Joe Biden that he would only strike military targets in Iran during the anticipated retaliation. 

This, and a continued reduction in market bets that the Federal Reserve (Fed) will slash interest rates, is driving the US Dollar (USD) higher and weighing on Gold price, the report said.

US survey data is also showing that inflation expectations remain elevated, with the latest Michigan Consumer Sentiment Survey indicating expectations in the long-term (5-10 years) have “skyrocketed” to 7.1% in October, “the highest in 40 years” according to analysts at The Kobeissi Letter.

Meanwhile, the price of per tola and ten gram silver remained unchanged at Rs. 3,050 and Rs. 2,614.88, respectively.