Gold rates eased in the local and international markets on Monday as the yellow metal retreated from its record high. In Pakistan, gold price per tola stood at Rs248,700 after a single-day fall of Rs3,500.

The 10-gram gold was sold at Rs213,220 after a decrease of Rs3,021, according to rates shared by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Saturday, gold price per tola had increased by Rs1,500 to an all-time high of Rs252,200 in Pakistan.

With central banks adding to their gold reserves and geo-political tensions due to Ukraine and Gaza wars, the safe haven asset has seen a record surge in demand in the international market.

However, gold prices fell on Monday as higher US Treasury yields weighed on dollar-priced bullion, while investors kept a close watch on any potential escalation in the Middle East conflict.

The international rate of gold on Monday was set at $2,381 per ounce (with a premium of $20), after a decline of $30 in the international market, APGJSA said.

Meanwhile, silver rate saw a decline of Rs30 to settle at Rs2,650 per tola.