Global oil prices climb while gold extends losses

Islamabad (Web Desk): Global oil prices moved higher on Tuesday, while gold and silver prices declined sharply in international markets.

According to Bloomberg, US West Texas Intermediate (WTI) crude futures gained $0.82 to settle at $69.37 per barrel. Meanwhile, Brent crude futures rose by $0.88, closing at $72.87 per barrel.

Fluctuations in international crude prices are closely watched in Pakistan, as they directly influence domestic petroleum prices. Last Friday, the government reduced the prices of both petrol and diesel across the country.

In the precious metals market, gold fell by $24.10 to $4,143.40 per ounce, while silver dropped $0.82 to $61.51 per ounce.

The downward trend in global bullion prices also affected Pakistan's local gold market, where prices have continued to fluctuate. During the current business week, the price of the precious metal registered another significant decline.

The All Pakistan Sarafa Gems and Jewellers Association reported that the price of 24-karat gold per tola fell by Rs2,500, bringing the new rate to Rs434,936 per tola.

Jewellers said the decline was also reflected in the price of 10 grams of 24-karat gold, which dropped by Rs2,143 to Rs372,887.

Market analysts attributed the fall in gold prices to a combination of factors, including weaker international bullion prices, a stronger US dollar, improved stability in global financial markets, and shifting investor sentiment. They noted that changes in international gold prices continue to have a direct impact on Pakistan's domestic bullion market.