All Sindh Sarafa Jewellers Association reported that the 24 karat per tola gold sold at Rs278,400 on Monday against its sale at Rs182,700.

The association further reported that  the price of 10 grams of 24 karat gold also went down by Rs3,657 to Rs238,683 from Rs242,370. The rate of 10 gram 22 karat gold decreased to Rs218,793 from Rs222,172, it said.

According to FX Street report, gold price maintained its heavily offered tone through the first half of the European session on Monday, albeit manages to hold above the $2,650 level and defend the 100-period Simple Moving Average (SMA) on the 4-hour chart.

Scott Bessent s nomination as US Treasury Secretary clears a major point of uncertainty for markets. This, along with reports that Israel was close to reaching a ceasefire with the military group Hezbollah in Lebanon, boosts investors  confidence and turns out to be a key factor undermining demand for the safe-haven precious metal, it reported.