Entertainment
Gold Adds to Losses on US Rate Hike Fears
Old prices continued losses on Monday as expectations of a US rate hike grew after a solid jobs data, while ongoing conflicts in the Middle East pushed oil prices higher and fuelled inflation concerns.
Spot gold dropped 0.4% to $4,313.11 an ounce by 0302 GMT. Prices plummeted almost 3% on Friday to the lowest level since March 24.
U.S. gold futures for August delivery fell 0.7% to $4,336.30.It is all based on the hawkishness that the market has started to put on the Fed futures,” said Kelvin Wong, senior market analyst at OANDA, adding that higher Treasury yields were putting further pressure on gold.
The benchmark 10-year U.S. Treasury note yield climbed after spiking to a two-week high in the previous session, raising the opportunity cost of keeping non-yielding metal.
Israel said it hit military targets in western and central Iran on Monday, even as U.S. President Donald Trump allegedly advised Israeli Prime Minister Benjamin Netanyahu to hold off on any strikes.
Fuelling fears of higher inflation and interest rates, oil prices surged by more than $3 a barrel.
Gold is viewed as a hedge against inflation, but increasing interest rates tend to press the non-yielding metal.
The U.S. economy created a solid number of jobs for a third straight month in May, suggesting the labour market was gaining steam after floundering last year and providing the central bank greater leeway to keep rates stable amid inflation rising due to the Iran war.
“The new jobs number showed the labour market is roughly in balance and near full employment,” Fed President Beth Hammack of Cleveland said Friday, adding that ongoing high inflation may mean the Fed would have to hike rates soon to curb it.
Spot silver declined 0.4% to $67.56 an ounce, platinum eased 0.5% to $1,767.15 and palladium was unchanged at $1,225.66.
Singer Falak Shabir’s wife and actor Sarah Khan shared her views on what feminism meant to her and also backed her husband’s comments on the dressing of women on social media.
Khan’s comments, however, elicited a mixed response online. “Make a law against those who wear short dresses in public places, bazaars and streets.” This statement put TikTokker Shabir in an internet controversy after he asked Punjab Chief Minister Maryam Nawaz to do so.
In reaction to the backlash, Khan defended her husband with a number of Instagram stories, saying his words were not just aimed at women, but both genders.
She also accused some women in Pakistan of propagating a twisted form of feminism.
“Values, dignity, respect and responsibility are the pillars of a healthy society. Khan wrote: “Behaviour that undermines these principles is affecting not just one group but everyone – and it has been normalised and celebrated.
Pakistani musician and actor, Falak Shabir has urged the Punjab Chief Minister Maryam Nawaz to adopt laws on clothing rules in public areas.
Falak Shabir took to Instagram and uploaded a story appreciating the Punjab government’s decision of banning vaping in the province and called it a positive step.
However, as a father of two girls, the musician stated that he wished to make a humble request to Maryam Nawaz to think about bringing legislation connected to people wearing revealing attire in public places, marketplaces and on roadways.This is very nice move but as father of two girls, I respectfully request Maryam Nawaz to make some law for those wearing short dresses in public places, markets and on roads. “Otherwise we will be culturally destroyed,” he wrote.
The singer’s comments have set social media alight, with some people debating the subject of personal freedom, cultural values and standards of attire in public.
– In its most recent weekly fuel price review, Pakistan has announced that it will be lowering the price of petrol, which will provide some respite to motorists travelling throughout the country.
The updated ex-depot tariffs, which were released by the Petroleum Division of the Ministry of Energy on Thursday, will be effective beginning on June 6, 2026.
The price of Motor Spirit (MS), which is more generally referred to as fuel, has been decreased by Rs4 per litre, as stated in the official statement. Lower than the previous rate of Rs381.78 per litre, the new tariff has been established at Rs377.78 per litre.
On the other hand, the cost of High-Speed Diesel (HSD) has remained unchanged from where it was before. A rate of Rs380.78 per litre of diesel was maintained by the government, and there was no announcement made regarding an increase or decrease in the rate for the next week.
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