Gold remains stable in Pakistan despite global volatility
MG News | August 06, 2024 at 03:31 PM GMT+05:00
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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