The All Sindh Sarafa Jewelers Association reported the the price of 24-karat per tola gold witnessed no change and was traded at Rs262,500.

The price of 10-gram 24-karat and 10-gram 22-karat gold also remained constant at Rs225,051 and Rs206,297 respectively.

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Likewise, the price of per tola and ten gram silver remained unchanged at Rs2,950 and Rs2,529.14 respectively.

In the international market, the gold price declined near $2,500. The firmer Greenback after the US July’s Personal Consumption Expenditures (PCE) Index has weighed on the precious metal, according to FX Street. Furthermore, it added, the concerns about the sluggish economy in China, the world’s top buyer of Gold, contribute to the precious metal’s downside.

Nonetheless, the rising expectation of an interest rate cut by the US Federal Reserve (Fed) in its September meeting might help limit Gold’s losses as lower interest rates reduce the opportunity cost of holding non-yielding gold. Looking ahead, the US ISM Manufacturing PMI for August is due on Tuesday, while the Services PMI will be released on Thursday. The attention will shift to the US employment data on Friday, including the Nonfarm Payrolls (NFP), Unemployment Rate and Average Hourly Earnings for August.