The per tola price of the precious metal sold at Rs275,500 compared to its sale at Rs. 274,900 on last trading day, the All Sindh Sarafa Jewellers Association reported.

Likewise, the price of 10-gram of 24-karat gold also increased by Rs515 to Rs236,197 from Rs235,682. The association added the price of 10-gram of 22-karat gold went up to Rs216,514 from Rs216,042.

According to FX Street, gold price struggled to capitalize on the previous day’s sharp rise of over 1%, triggered by a further escalation of geopolitical tensions in the Middle East and attracts fresh sellers on Wednesday. The US Dollar (USD) sticks to its recovery gains registered over the past two days amid signs of a still resilient US labor market and diminishing odds for a more aggressive policy easing by the Federal Reserve (Fed). This, in turn, is seen as a key factor exerting some downward pressure on the non-yielding precious metal.

The downside for the gold price, however, seems cushioned in the wake of the risk of a full-blown war in the Middle East. The fears resurfaced after Iran fired ballistic missiles at Israel on Tuesday, which continues to weigh on investors  sentiment and should act as a tailwind for the safe-haven precious metal, it said.

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