Gold prices fell on Friday, as the dollar firmed on uncertainty over further Federal Reserve rate cuts, although bullion was still on track for its third straight monthly gain. Spot gold was down 0.5% at $4,004 per ounce, as of 0240 GMT. Bullion has gained 3.9% so far this month. U.S. gold futures for December delivery were steady at $4,016.70 per ounce. “The Fed Chairman did have his haw
President of the United Business Group (UBG), Zubair Tufail, has criticised the State Bank of Pakistan’s decision to maintain the policy interest rate at 11 percent, terming it a major obstacle to the growth of domestic industry. He said the business community has been consistently urging the central bank to bring the interest rate down to a single digit, but the demand has been ignored. “The r
Oil prices eased on Friday, heading for a third straight monthly decline, as a stronger dollar capped commodities gains while rising supply from major producers globally offset the impact of Western sanctions on Russian exports. Brent crude futures slipped 33 cents, or 0.51%, to $64.67 a barrel by 0027 GMT, while U.S. West Texas Intermediate crude was at $60.22 a barrel, down 35 cents, or 0.58%
The Pakistani rupee registered marginal improvement against the US dollar, appreciating 0.08% during the opening hours of trading in the inter-bank market on Friday. At 10am, the currency was hovering at 280.70, a gain of Re0.22 against the greenback. On Thursday, the local unit closed at 280.92. Globally, the US dollar held its ground in early Asian trade on Friday after reaching a three
The Pakistan Stock Exchange (PSX) came under selling pressure on Wednesday as investors reacted to renewed tensions between Pakistan and Afghanistan, coupled with mixed corporate earnings. The benchmark KSE-100 index dropped 1,635.97 points, or 1.02%, to close at 158,465.06. The index fluctuated between the high of 160,690 and low of 158,307. Investor sentiment remained weak after peace talks b