Gold dips Rs5,200 per tola in Pakistan

KARACHI: Gold maintained its downturn in domestic market Wednesday, falling by Rs5,200 to Rs119,600 per tola.

According to All Pakistan Jewellers Manufacturers Association, ten grams of yellow metal registered a decline of Rs4,457 and clocked in at Rs102,537.  The downturn in domestic gold rates was witnessed after yellow metal prices came down in global market.

According to Reuters, gold rebounded in volatile trade in global market today, jumping above $1,900 after its steepest sell-off in seven years, as data showed Britain’s economy shrank by a record 20.4% between April and June, fuelling coronavirus-led slowdown fears.

Spot gold, which had its steepest sell-off in more than seven years on Tuesday, gained as much as 2% and by 0943 GMT rose 0.9% to $1,929.09 per ounce, erasing sharp losses from earlier in the Asian session.

U.S. gold futures fell 0.3% to $1,941.50 per ounce, while silver also rose, gaining 3.3% to $25.61 per ounce, after slumping 15% on Tuesday.