Oil prices rose above $105 a barrel for the first time since 2014 after Russia launched attack on Ukraine, causing global energy crisis.
Russia launched an all-out invasion of Ukraine by land, air and sea in the biggest attack by one state against another in Europe since World War II.
US President Biden imposed sanctions on Russia, imposing measures to impede its ability to do business in the world’s major currencies.
Gold price in Pakistan surged by Rs3,400 per tola to reach Rs127,100 per tola on Thursday amid growing tension between Russia and Ukraine. The price of 10 grams saw an increase of Rs2,915 as it was traded at Rs111,711 in the local market.
In the international market, the price of the yellow metal witnessed an increase of $77 per ounce to close at $1,972.
KSE-100 index
The impact of Russia-Ukraine conflict was evident in the Pakistan Stock Exchange it had sunk by 1340.75 points to intraday low of 43,792.17 points yesterday.
Earlier, the United Nations was told a full-scale armed conflict between Russia and Ukraine would have a devastating global impact that would likely spark a new “refugee crisis”.
After staging a slight bounce Wednesday in reaction to what were considered light sanctions against Moscow, Asian markets were back in the red after a hefty drop on Wall Street.
Imran, Putin discuss energy, economic cooperation at Kremlin meeting
