Gold prices in Pakistan declined further on Monday in line with their decrease in international rates. In the local market, the price of gold per tola was lowered by Rs500, clocking in at Rs275,500.

Similarly, 10-gram gold was sold at Rs236,197 after it recorded a decrease of Rs428, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Saturday, gold price had fallen by Rs700 to settle at Rs276,000.

Meanwhile, the international rate of gold decreased on Monday. As per APGJSA, the rate was at $2,653 per ounce (with a premium of $20), and down by $4 during the day.

Silver prices remained stable at Rs3,050 per tola.

Last week, gold prices hit a record high level of Rs277,000 per tola in Pakistan.

Experts have attributed the recent increase in gold prices to global developments, including escalating geopolitical tensions in the Middle East, Fed rate cuts and soaring demand from major markets like China and India.