Asian shares rallied on Thursday with a decline in U.S. Treasuries pointing to a tentative recovery in risk appetite that has been hammered by the escalating war in the Middle East. South Korea’s KOSPI gauge recovered its steep losses in the prior session following a rally on Wall Street on hopes the United States and Iran will seek an off-ramp from hostilities. Oil and gold traded higher.
Gold rose on Thursday as the widening Middle East conflict drove investors towards the safe-haven asset, while a softer dollar also lent support to bullion prices. Spot gold climbed 0.8% to $5,177.26 per ounce by 0249 GMT. US gold futures for April delivery were up 1% at $5,186.40. The US dollar eased from a more than three-month high hit earlier this week, making greenback-priced gold le
Oil prices rose on Thursday amid growing concern over the prolonged closure of the Strait of Hormuz, as the US-Iran war chokes off vital Middle East oil and gas flows while production facilities limit output. Brent crude was trading up $1.67, or 2.05%, at $83.07 per barrel by 0141 GMT. US West Texas Intermediate crude rose $1.94, or 2.60%, to $76.60. The US–Iran war widened on Wednesday af
The UAE’s years-long property boom faces its first real test after Iranian missile strikes shattered the Gulf’s safe-haven aura, rattling investors and exposing how heavily Dubai and Abu Dhabi rely on offshore money to sustain their building spree. The attacks on airports, ports and residential areas in both cities have punctured the region’s reputation for stability at a moment when concerns a
The government is considering introducing a separate Harmonised System (HS) code for used footwear imports, a proposal that may be incorporated into the upcoming federal budget, as industry stakeholders raise concerns over market distortions affecting local manufacturers. The development came during a meeting between a delegation representing Pakistan’s leather and footwear industry and Federal