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Brent Crude Reaches $88 After Oil Markets Rally Nearly 5%

Brent Crude Reaches $88 After Oil Markets Rally Nearly 5%

Global oil prices were pushed higher on Tuesday, with Brent crude reaching $88.00 per barrel and US crude rising to $82.45—their highest levels since July 31. Both contracts had rallied by about 5% on Monday. Attention is now being focused on the US July consumer price report, which is due on Wednesday. Headline inflation is expected to rise by 0.1% month-on-month, while a 0.2% increase is projected for the core measure.

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Global Markets

Gold Extends Decline for Second Day

Gold prices in Pakistan declined on Tuesday, tracking losses in the international market. The price of gold fell by Rs800 to Rs465,336 per tola, while 10-gram gold dropped by Rs686 to Rs398,950. International gold decreased by $8 to $4,428 per ounce, including a $20 premium. Silver also fell by Rs50 to Rs7,129 per tola.

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Global Markets

Bitcoin Eyes the $100,000 Mark

Bitcoin surged above $80,000 on Tuesday, reaching a three-month high as a weaker US dollar and expanded Treasury bond buyback plans boosted cryptocurrency demand. The world’s largest digital asset climbed to an intraday peak of $81,237.94 and has gained 28% in August. Momentum also strengthened after President Donald Trump urged Congress to approve legislation providing clearer cryptocurrency regulations. Analysts believe a sustained breakout could push Bitcoin towards $95,000 and potentially $100,000.

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Global Markets

Gold Jumps Rs5,200 Per Tola in Pakistan

Gold prices in Pakistan rose sharply on Friday, following gains in the international bullion market. According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of gold increased by Rs5,200 to Rs477,136 per tola, while the 10-gram rate climbed by Rs4,458 to Rs409,067. International gold gained $52 to reach $4,547 per ounce, including a $20 premium. Silver also advanced by Rs210, reaching Rs7,379 per tola. Gold had already gained Rs13,700 per tola on Thursday.

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