After remaining unchanged in the previous session, gold prices in Pakistan declined on Monday in line with their decrease in the international rates. In the local market, the price of gold per tola decreased by Rs1,300, clocking in at Rs277,500.

Similarly, 10-gram gold was sold at Rs237,911 after it recorded a decrease of Rs1,115, according to rates shared by the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA).

On Saturday, gold price remained unchanged at Rs278,800.

Meanwhile, the international rate of gold decreased on Monday. As per APGJSA, the rate was $2,670 per ounce (with a premium of $20) and was down by $13 during the day.

Silver prices remained stable at Rs3,300 per tola.

Last month, gold hit an all-time high of Rs287,900 per tola in Pakistan.

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.

Internationally, gold prices were little changed in early Asia hours on Monday, as market participants awaited comments from Federal Reserve officials and economic data to gauge the US interest rate path.

Bullion is considered a hedge against economic and geopolitical uncertainties.