Oil prices surged above $100 a barrel due to intensifying Middle East conflict, sparking renewed inflation concerns and pushing global bond yields higher. Markets are now pricing in a higher chance of a Federal Reserve rate hike as early as next week. The US dollar strengthened significantly, reaching its highest level this month, supported by rising Treasury yields. Consequently, precious metals took a hit, with international gold falling 2% overnight to $4,043 an ounce and silver dropping 3.4% to $57.45 an ounce. This global market shift could put downward pressure on local gold and silver rates in Pakistan and potentially strengthen the USD/PKR exchange rate.
بحوالہ / Source: www.brecorder.com