US President Donald Trump issued a 48-hour ultimatum to Iran, demanding either a deal or the reopening of the strategically crucial Strait of Hormuz. This directive triggered immediate reactions in global energy markets, causing crude oil prices to surge sharply.
West Texas Intermediate (WTI) crude oil prices climbed to $111.5 per barrel, while Brent crude reached $109.2 per barrel. Analysts emphasize that the rising tensions in the Middle East have also led to notable increases in petroleum product costs in countries like Pakistan.
Meanwhile, in a significant development for precious metals, Goldman Sachs, the world’s largest investment bank, has projected a possible rebound in gold prices despite recent market fluctuations. Gold experienced its steepest monthly drop in over ten years, largely influenced by geopolitical unrest in the Middle East.
As of April 1, gold prices fluctuated between $4,567 and $4,769 per ounce, down from a late January peak near $5,600. Nonetheless, Goldman Sachs anticipates that gold could climb back to $5,400 per ounce by year-end. The bank points out that long-term investors continue to view gold as a safe haven against economic instability, which may support further price gains despite the recent downturn.
In Pakistan, gold prices remained steady yesterday, with no significant changes observed in the local market.
