Oil prices retreated adding to sharp losses in the previous session as the market shifted focus toward rising US oil stocks and away from worries about the conflict between the United States and Iran.
Oil and gold ship owners are bracing for higher insurance bills due to geopolitical tensions. This could add hundreds of thousands of dollars to shipping costs that would ultimately be passed on to fuel buyers, mostly in Asia.
Speaking to the Reuters Global Oil Forum, Harry Tchilinguirian said that “US crude oil production remains at a record 12.9 million bpd, it is not evident in our opinion that OPEC and its non-OPEC allies will fully implement the incremental supply cuts.”
According to the Karachi Sarafa Association, the price of 24 karat gold has been depreciated by PKR 2500 per tola. Similarly, the price of 10-gram gold gets increased by PKR 2,141 and was traded at PKR77,590 against the last closing of PKR 79,731.
The price of per ounce gold dipped by $32 and was traded at $1,548 as compared to $1,580 in the international market.