Gold prices in Pakistan were reduced sharply on Monday as domestic and international bullion markets remained under pressure. According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold per tola was decreased by Rs2,300 to Rs428,936, while 10 grams fell by Rs1,972 to Rs367,743. In the international market, gold was traded $23 lower at $4,065 per ounce.

US President Donald Trump has threatened a 100% tariff on imports from any country imposing a digital services tax on American companies. The proposed measure would override existing or future trade agreements with the United States, escalating trade tensions after European Union countries moved to meet Washington’s July 4 deadline for reducing tariffs on US goods.

Global oil prices fell sharply on Wednesday, with Brent crude dropping more than $3 to $73.22 per barrel, its lowest level since February. US crude futures also slipped below $70 a barrel for the first time since March. US Energy Secretary Chris Wright said around 20 million barrels of oil passed through the Strait of Hormuz in the last 24 hours, though normal shipping flows remain affected by Iranian mines in the waterway.