Oil mixed as WTI hits two-week high

On Monday, Brent closed at its highest since September 15. Gold prices in Pakistan rose on Tuesday, recovering part of the previous session's losses, as international bullion prices remained largely stable ahead of key US inflation data and remarks from the Federal Reserve (Fed) chair later this week.

The Kremlin said on Tuesday that it did not see any direct link between a deal on exporting Russian diesel to the US and Moscow's own stance on the Ukraine peace talks.

It was commenting on a Reuters source-based story, which reported that US President Donald Trump's envoys had that the deal to allow Russian diesel exports was part of an attempt to draw Russia back into negotiations over a possible peace settlement in Ukraine. Russia was the world's third-biggest crude oil producer behind the US and Saudi Arabia in 2025,.

Sanctions designed to keep Russian energy out of global markets have helped support oil prices since Russia invaded Ukraine in 2022. Meanwhile, in the local market, the price of gold per tola increased by Rs900 to Rs440,836, All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

The price of 10-gramme gold also rose by Rs771 to Rs377,945. On Monday, gold had fallen by Rs2,100 per tola to Rs439,936. In the international market, spot gold edged down 0.1% to $4,164.70 per ounce by 1526 GMT, while US gold futures for December delivery declined 0.1% to $4,188.40 per ounce.

Silver prices in the domestic market remained unchanged at Rs6,532 per tola. Director of Interactive Commodities Adnan Agar said the international gold market was moving within a narrow range as investors awaited fresh cues to determine its next direction.

Gold traded between a high of $4,200 and a low of $4,150, standing near $4,154 at the time of his assessment, he said. The market remained sluggish, with prices struggling to break out of their prevailing range.

Agar identified the $4,240-$4,280 range as an important resistance zone, suggesting that gold could face difficulty moving higher unless prices crossed these levels. His comments pointed to continued uncertainty over the near-term direction of bullion.

Investors are awaiting US consumer price index (CPI) data due on Wednesday and producer price index (PPI) figures scheduled for Thursday. The releases could offer fresh clues about inflationary pressures and the Fed's future monetary policy.

The US dollar slipped from its highest level since April last year, while the yield on the 10-year US Treasury note fell to its lowest in more than a week. The rupee appreciated by one paisa against the US dollar, closing at Rs276.96 on Tuesday, compared with Rs276.97 in the previous session.