Gold prices slipped on Wednesday, as renewed hostilities in the Middle East pushed crude oil prices higher, cementing fears that interest rates would stay higher for longer to tame inflation. Fundamentals Spot gold fell 0.2% to $4,476.50 per ounce by 0103 GMT. U.S. gold futures for August delivery fell 0.3% to $4,504.40. Gulf hostilities flared anew on Wednesday, with the U.S. military
Oil prices climbed more than 1% in early trade on Wednesday as hostilities in the Middle East erupted anew with Iran firing missiles at Kuwait and Bahrain, while diplomatic talks between Iran and the United States showed little progress. Brent futures rose $1.05, or 1.09%, at $97.05 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.01, or 1.08%, to settle at $94.77. Both be
Oil & Gas Development Company Limited (OGDCL) announced an oil discovery from its exploratory well, Bobi Deep-1, located in District Sanghar, Sindh. OGDCL discovered oil reserves in the Bobi and Dhamraki Mining Lease, the company informed the Pakistan Stock Exchange (PSX) on Wednesday. The E&P is the well operator with 100% working interest. “Based on the interpretation of wireline logs, the
A day after massive selling, buying returned to the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining nearly 600 points during the opening minutes of trading on Tuesday. At 9:50am, the benchmark index was hovering at 171,157.75, up by 557.55 points or 0.33%. Buying was observed in key sectors, including automobile assemblers, cement, commercial banks, oil and gas explor
Asian stocks made a cautious start to trading on Tuesday as uncertainty over whether the ceasefire in the Middle East conflict would hold capped the lift to sentiment from renewed optimism around AI. MSCI’s broadest index of Asia-Pacific shares outside Japan fluctuated between gains and losses as trading commenced, last 0.5% lower, led by a 2% decline for Korean shares after an initially high