The per tola price of the precious metal decreased and sold at Rs274,900 compared to its sale at Rs275,500 on last trading day, the All Sindh Sarafa Jewellers Association reported.

The association said the price of 10 grams of 24 karat gold also decreased by Rs515 to Rs235,682 from Rs236,197. The price of 10 gram 22 karat gold went down to Rs216,042 from Rs216,514, it added.

FX Street reported that from the all-time high of $2,685 per troy ounce recorded last Thursday, it has lost a good $50. The last part of the price increase was no longer justified by interest rate expectations. These had also already gone much too far and were therefore scaled back again somewhat in the last few days. This means that Gold currently lacks a key driving force.

It said, “Although the CFTC s market positioning data showed a further increase in speculative net long positions in Gold to 219,000 contracts in the last reporting week, the highest level since February 2020, the increase was significantly lower than in the previous week, suggesting that speculative financial investors are becoming more cautious. Should positions now be closed, this would weigh on the price.”

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