Gold prices in Pakistan remained stable on Monday, with the local market seeing bullion per tola traded at Rs428,862. Similarly, 10-gram gold was sold for Rs367,680, according to the All-Pakistan Gems and Jewellers Sarafa Association.

On Saturday, gold per tola had risen by Rs2,300 to reach Rs428,862. The stability on Monday comes amid global market support, driven by growing expectations of a Federal Reserve rate cut next month and a weaker US dollar.

Internationally, spot gold rose 0.6% to $4,091.45 per ounce as of 10:53 am EST (1553 GMT), while US gold futures for December delivery gained 0.3% to $4,089.80 per ounce, as per Reuters.

Adnan Agar, Director of Interactive Commodities, noted that gold was trading in a narrow range. "It touched the low of $4,040 and the high of $4,090 today (Monday). The market was range bound, with support at $4,000 and resistance near $4,050. Chances for upward movement are high unless any negative news hits the market," he said.

Agar added that with strong support around the $4,000 level, gold is likely to see more upside in the coming days, although market volatility could break the current range.

The dollar index inched lower, making dollar-priced bullion more affordable for holders of other currencies.

"The market is increasingly getting convinced that the US Federal Reserve is on track to cut interest rates in December," said Bart Melek, Head of Commodity Strategy at TD Securities. "A combination of lower rate (expectations) and a weaker US dollar has helped gold in this environment," Melek added.

Meanwhile, the Pakistani rupee saw a slight uptick against the US dollar in the inter-bank market. At close, the rupee was valued at 280.61, marking a modest gain of Rs0.01 against the greenback.

Over the past week, the local currency posted a minor appreciation, rising by Rs0.10, or 0.04%, against the US dollar. It ended the week at 280.62, compared with 280.72 in the previous week, according to the State Bank of Pakistan.

On the global front, the US dollar remained steady, with traders cautious amid potential intervention risks around the yen. Markets were also jittery ahead of the upcoming UK budget.