The All Sindh Sarafa Jewellers Association said that the price of 24-karat gold per 10 grams also decreased by Rs1,200 and was sold at Rs222,994 against Rs224,194 while the price of 22-karat gold of same quantity decreased to Rs204,411 from Rs205,511.

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The association further stated that the price of per tola silver decreased by Rs50 to Rs2,900 whereas that of ten gram silver declined by Rs42.86 to Rs2,486 and Rs2,950, respectively.

Also in the international market, gold traded lower, exchanging hands in the $2,480s. Market sentiment remains negative after the global sell-off triggered by the release of weak US manufacturing data on Tuesday, and fears about the Artificial Intelligence (AI) tech bubble bursting, FX Street reported.  

Surprisingly, this has failed to translate into upside for Gold despite its safe-haven status, perhaps due to the overweight long positioning of Commodity Trading Advisors (CTA) and institutional investors. Despite the turmoil gripping risk assets Gold actually finished Tuesday down over a quarter of a percent, it stated.