Global gold prices declined sharply on the international market, while crude oil prices recorded a notable increase.
According to reports, after reaching record highs, gold prices dropped by more than 4 percent in a single day, falling to $5,150 per ounce. The precious metal retreated from its all-time high level of $5,594 per ounce, triggering volatility in global markets.
In Pakistan’s local market, gold has witnessed an unprecedented surge over a short period. Within just 29 days, the price of gold increased by a record Rs118,000 per tola, jumping from Rs454,000 to over Rs572,000 per tola.
Market experts say that the increase normally seen over an entire year was recorded within a single month, calling it an extraordinary trend in the history of gold trading.
Meanwhile, global crude oil prices climbed by 4 percent, reaching a five-month high. Brent crude is currently trading at $71 per barrel, while WTI crude stands at $65.56 per barrel.
Due to rising global oil prices, an increase in petroleum product prices is expected in Pakistan. Preliminary calculations indicate a slight reduction in petrol prices; however, diesel and other petroleum products are likely to become more expensive.
Sources revealed that the petroleum industry has submitted its initial price working to OGRA. According to early estimates, petrol prices may decrease by Rs0.36 per litre, while diesel prices are proposed to increase by Rs9.47 per litre. Additionally, an increase of Rs3.45 per litre has been recommended for kerosene oil.
Final prices will be determined following government approval.
