On Saturday, the 24-karat per tola gold witnessed decrease and sold at Rs274,400 against its sale at Rs274,700 on previous trading day, according to the All Sindh Sarafa Jewellers Association.

The association maintained that the price of 10 grams of 24 karat gold also decreased by Rs257 to Rs235,254 from Rs235,511. The rate of 10 gram 22 karat also went down to Rs.215,650 from Rs 215,885, it noted.

In the international market, gold price fell below $2,630 in North American trading hours on Friday after the release of the United States (US) Nonfarm Payrolls (NFP) data for November, according to FXStreet.  

The precious metal drops as the labor market report showed that the number of fresh workers hired was higher than expected. The report showed that the economy added 227K fresh workers, higher than estimates of 200K. The Unemployment Rate accelerated to 4.2%, as expected, it added.

The reported revealed that broadly in-line growth in the labor market has boosted expectations for the Federal Reserve (Fed) to cut interest rates again in December. The probability for the Fed to cut interest rates by 25 basis points (bps) to 4.25%-4.50% this month has increased to 87% from 71%, recorded on December 5, according to the CME FedWatch tool.