The All Sindh Sarafa Jewellers Association reported the per tola price of 24-karat gold sold at Rs271,900 compared to its sale at Rs272,500 on last trading day.

Likewise, the price of 10-gram of 24 karat gold also declined by Rs471 and sold at Rs233,110 as its price decreased from Rs233,625, it further reported.

The price of 10-gram of 22-karat gold went down to Rs213,685 from Rs214,156, it said.

The association maintained that the price of per tola and ten gram silver remained unchanged at Rs 2,950 and Rs 2,529.14, respectively.

According to FX Street, the Gold price reached a record high on Monday, supported by a softer Greenback. The start of a monetary easing cycle of the Federal Reserve’s (Fed) and the expectation of deeper rate cuts this year might underpin the non-interest-bearing Gold price. Furthermore, the rising geopolitical tensions in the Middle East might lead to fresh allocation towards safe-haven assets like gold, it added.

FX Street further reported that looking ahead, traders will keep an eye on the flash reading of the US Purchasing Managers Index (PMI) data, which is due later on Monday. However, the stronger-than-expected outcome could lift the USD and weigh on the USD-denominated Gold price.