After increasing in the previous session, gold prices in Pakistan declined on Monday in line with their decrease in international rates. In the local market, the price of gold per tola was down by Rs900, clocking in at Rs283,400.

Similarly, 10-gram gold was sold at Rs242,970 after it recorded a decrease of Rs771, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Saturday, gold price had increased by Rs2,000 to settle at Rs284,300.

Meanwhile, the international rate of gold decreased on Monday. As per APGJSA, the rate was $2,739 per ounce (with a premium of $20) and was down by $9 during the day.

Silver prices remained stable at Rs3,350 per tola.

Last week, gold prices hit a record-high level of Rs285,400 per tola.

Gold prices have surged to record highs in recent weeks, as conflicts in the Middle East and uncertainty surrounding the upcoming US election spurred demand for safe-haven assets.

Bullion is considered a hedge against economic and geopolitical uncertainties.