Gold remains stable in Pakistan despite global volatility

MG News | August 06, 2024 at 03:31 PM GMT+05:00

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August 06, 2024 (MLN): Gold remained stable in Pakistan despite a bout of volatility globally on Monday amid fears of a slowing US economy.

The Karachi Sarafa Association reported 24-karat gold at Rs256,000 per tola, down just Rs500.

Globally, Spot gold plunged as much as 3.2% in the previous session, the biggest intraday drop since early June, before paring losses to close 1.2% lower on the day.

It traded in a range of over $90 amid a global rout on Monday amid fears of a deeper US economic slowdown.

The VIX index which measures market volatility jumped as much as 180% to 65.7, the highest since 2020 covid crash.

Similarly, spot silver slipped 4.6% internationally yesterday. That would have translated into a loss of about Rs130 per tola.

However, the Sarafa Association reported 24-karat silver as being sold at Rs2,850 per tola, down just Rs50.

PKR (24-karat per tola)	Aug 06, 2024	Aug 05, 2024	DoD	1 Month	FYTD	CYTD
Gold	256,000	256,500	-500	9,600	14,300	36,000
Silver	2,850	2,900	-50	-50	0	170

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