Gold prices were subdued on Wednesday as market participants hunkered down ahead of the US Federal Reserve’s policy decision, where a rate hike is widely expected. Spot gold was down 0.1% at $4,288.48 per ounce, as of 0143 GMT, after scaling a more than one-month low on Monday. US gold futures for December delivery were also down 0.1% at $4,328.10. Traders are now pricing in a 92.4% c
Pakistan Stock Exchange (PSX) began the week on a sharply negative note on Monday as escalating Middle East tensions and concerns over oil supply triggered a broad-based sell-off, wiping out more than 2,500 points from the benchmark KSE-100 index by the close. The plunge came as crude prices surged, raising fears about the impact of higher energy costs on oil-dependent economies and corporate p
Gold prices in Pakistan fell Rs3,800 per tola on Monday, tracking the decline in international bullion markets, as rising oil prices and stronger-than-expected US inflation data bolstered expectations of a possible rate hike by the Federal Reserve this week. According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of gold fell to Rs453,336 per tola from Rs457,136 on Saturd
The State Bank of Pakistan (SBP) kept its policy rate unchanged at 11.5% on Monday, with seven of the 10 members of the Monetary Policy Committee (MPC) voting for the status quo, as intensifying geopolitical tensions pushed up global commodity prices and raised risks to the inflation outlook. Ironically, SBP also claimed that the economy's pace was right and domestic macroeconomic indicators re
The government on Monday approved Rs75 billion in petrol relief package for three months for motorcyclists and small car owners, which was equal to 16% of the projected monthly levy collection, a move that would provide only a temporary respite. The Economic Coordination Committee (ECC), which formally sanctioned the fuel package, also approved sale of 29.5% shares of Pakistan National Shipping