ISLAMABAD: Global crude oil prices continued their downward trend with both major benchmarks recording further declines amid ongoing volatility in international energy markets.
US benchmark crude, known as West Texas Intermediate, has declined by 1.79% to be valued at $79.36 per barrel while Brent crude, an international benchmark, has recorded a loss of 1.54% with the new value being $81.89 per barrel.
This decline is part of the steep fall of over 7% witnessed yesterday in international prices of oil.
Market analysts have attributed this continued trend to changing demand projections, overall economic uncertainties around the world, and expectations of supply adjustment among the top producers of oil.
This continuous fall in crude oil prices has increased hopes of possible decline in fuel rates in importing countries like Pakistan. According to market analysts, if this trend continues, fuel prices in Pakistan may go down in the next review period.
Gold price in Pakistan, check latest price here
Meanwhile, Gold prices remained stable today as the latest gold and silver rates have been released in the national market, after which the attention of buyers and investors has once again focused on the precious metals market.
According to the released rates, the price of 24-karat gold per 10 grams has been fixed at Rs 390,350 while the price per tola has been fixed at Rs 455,300. Similarly, the price of 22-karat gold per 10 grams has been recorded at Rs 357,818 and the price per tola has been recorded at Rs 417,355.
On the other hand, according to the silver rates, silver is being sold for Rs 5,808 per 10 grams while silver is being sold for Rs 6,767 per tola. According to experts, investors are keeping a close eye on the buying and selling of gold and silver due to price fluctuations in the global and local markets.
