Gold and Oil Prices Drop Sharply in Global Markets

A significant decline has been recorded in global prices of gold and crude oil, impacting international as well as local markets.

According to details, gold prices in the international market fell sharply during trading, leading to a noticeable decrease in prices in local markets as well. Gold dropped by more than 3 percent, reflecting weaker demand and market pressure.

Reports indicate that the price of gold declined by around $47, bringing it down to approximately $4,332 per ounce. As a result, prices of gold per tola and per 10 grams decreased in several countries, including Pakistan, South Korea, China, Japan, and Singapore.

Meanwhile, global crude oil prices also recorded a decline of nearly 3 percent, primarily due to easing global supply conditions and changes in market dynamics. Brent crude is currently trading around $67 per barrel, while WTI crude stands at approximately $63 per barrel.

The drop in oil prices has had a noticeable impact on the energy sector, particularly at a time when markets are adjusting to supply-side developments.

Analysts say the decline in both gold and oil prices has contributed to a bearish trend in global markets. They attribute the movement to slowing global demand, a stronger US dollar, and shifting geopolitical conditions, all of which continue to influence commodity prices.