Gold resilience amid market turmoil , gold remains a steadfast safe haven. Despite widespread market turbulence, gold prices have shown remarkable resilience, maintaining near-record levels both internationally and locally. This stability underscores gold’s enduring appeal as a secure investment during times of economic instability.
Current Gold Prices
Global Prices
Gold resilience amid market turmoil has managed to stay close to its record high, trading around $2,425 per ounce globally. This stability is noteworthy, given the broader market downturn.
Local Prices
In the Karachi Sarafa Association’s latest report, 24-karat gold was listed at Rs256,500 per tola, a slight decrease of Rs300 from previous levels. This minor dip reflects broader market conditions without significantly impacting gold’s standing.
Market Overview
Financial Markets
Recent financial market trends have been dominated by fears of an intensified U.S. economic slowdown and rising geopolitical tensions in the Middle East. These concerns have led to a broad retreat from riskier assets.
Stock Market Movements
U.S. stock futures have dropped, with the Nasdaq 100 experiencing a significant decline of over 4%. This represents its largest drop in more than four years. In Japan, the benchmark stock index fell by 12.40%, marking its largest single-day decline since October 1987. Similarly, Taiwan’s benchmark index plunged 8.4%, reflecting its most severe selloff since 1967.
Cryptocurrency Declines
Cryptocurrencies have also been hit hard, with Bitcoin down by more than 12%. Ether, the second-largest cryptocurrency, has faced its steepest decline since 2021.
Oil Prices
Oil prices have continued their downward trend, with Brent crude falling by 2.2% to approximately $75 per barrel. This decline follows a period of low closing prices not seen in seven months.
Volatility Index
The VIX index, which measures market volatility, surged by 48% to reach 34. At its peak, it hit 41.8, the highest level since 2020.
Silver Prices
Silver prices in the domestic market remained stable, with 24-karat silver priced at Rs2,900 per tola and Rs2,486 per 10 grams.
Summary of Recent Price Changes
Here’s a snapshot of the recent changes in gold and silver prices:
| Metal | Price (24-karat) | Aug 05, 2024 | Aug 03, 2024 | DoD Change | 1 Month | FYTD | CYTD |
|---|---|---|---|---|---|---|---|
| Gold | Rs256,500 | 256,500 | 256,800 | -300 | 10,100 | 14,800 | 36,500 |
| Silver | Rs2,900 | 2,900 | 2,900 | 0 | 0 | 50 | 220 |
Conclusion
Gold continues to offer stability amidst global financial unrest. For up-to-date information on gold prices, visit Daily Gold Signal. For daily gold updates, check out Daily Gold Update.
