Punjab Chief Minister Maryam Nawaz Sharif has digitally launched the Chief Minister Pink Salt Value Addition Financing Scheme to promote the province’s pink salt industry, employment and exports, while also announcing the establishment of a 110-acre Pink Salt Mineral Processing Zone near Quaidabad.

During a briefing at the launch ceremony, officials said the proposed processing zone will house more than 200 industrial units. Investment of around $150 million is expected, creating direct employment opportunities for approximately 10,000 people. A Business Facilitation Centre and a model retail outlet will also be established to support investors.

According to the briefing, new investors will be able to obtain interest-free loans ranging from Rs5 million to Rs50 million for pink salt processing, grinding, refining, cleaning and packaging. The repayment period has been set at five years.

Officials said value addition in the pink salt sector could generate up to $300 million in annual foreign exchange earnings. They added that bids worth Rs471 million were received in the first phase, while offers totalling Rs2.5 billion have so far been received in the second phase. They also said the digitisation of lease and licence auctions by the Mines and Minerals Department has significantly increased revenue.

Addressing the ceremony, Maryam Nawaz said the Chief Minister Pink Salt Value Addition Financing Scheme would create new employment opportunities, increase government revenue and boost global exports of Pakistani pink salt.

She said value addition would significantly increase exports of packaged, processed and decorative pink salt products, adding that pink salt would now carry the label “Made in Pakistan.”

The chief minister said the country’s natural resources are a national trust and will be protected with complete integrity. She added that Punjab has been blessed by God with some of the world’s finest pink salt reserves and that Pakistani pink salt enjoys a distinguished global reputation because of its unique mineral composition and high quality.

She also invited investors to submit online applications through the Mines and Minerals Department’s website. 

– Gold prices slid ‌more than 1% on Monday as fears of a closure of the Strait of Hormuz drove oil prices sharply higher, reviving expectations of elevated interest rates to combat inflationary pressures from escalating hostilities in the Middle ​East.

Spot gold dropped 1.5% to $4,060.36 per ounce by 0541 GMT. U.S. gold futures for August ​delivery were down 1.1% at $4,068.30.

U.S. and Iranian forces have exchanged heavy missile ⁠and drone assaults, with Tehran targeting U.S. facilities in states across the Gulf on Sunday and saying ​it had again closed the vital Strait of Hormuz.

Oil prices jumped about 4%, the dollar and ​U.S. Treasury yields climbed, and share markets slipped in Asia.

“Any breakout of violence in the Gulf is accompanied by pressure on gold,” said Nicholas Frappell, global head of institutional markets at ABC Refinery.

“The question is, if the ​Strait of Hormuz remains effectively or partially closed, does that lead to a deflationary effect, ​further down the road, that might actually be supportive for gold if you have demand destruction leading to lower ‌economic ⁠activity,” Frappell added.

Kevin Warsh’s first semiannual testimony before Congress as Federal Reserve chair, along with a slate of key U.S. economic data, including June CPI, PPI and retail sales, will be closely watched this week for fresh clues on the economy, inflation and the monetary policy outlook.

Remarks from Fed ​policymakers, including Vice Chair ​Michelle Bowman and Governor ⁠Christopher Waller, later in the day are also in focus as they could provide insights on how inflationary pressures are affecting the central bank’s ​stance on interest rate hikes.

Traders are currently pricing in a 72% chance ​of a ⁠U.S. Fed interest rate hike in September, up from about 63% last week, according to the CME FedWatch Tool. FEDWATCH/ COMEX gold speculators trimmed their net long positions by 1,964 contracts to 114,854 in the ⁠week to ​July 7, data released on Friday showed, following three ​consecutive weeks of increases.

Elsewhere, spot silver declined 2.6% to $58.29 per ounce, platinum shed 1.6% to $1,601.92, and palladium fell 2% to $1,251.42

muz, one of the most important trade routes for global energy supplies.

US crude oil futures were up 4.1% at $74:33 per barrel as of 9:15 p.m. ET. Brent futures, the international benchmark, traded 3.88% higher at $78.96.

The US military launched another wave of strikes Sunday against Iran after hitting 140 targets on Saturday, according to U.S. Central Command. The strikes are in response to an attack by the Islamic Revolutionary Guard Corps on a container ship transiting Hormuz.

Iran responded Sunday with strikes on U.S. military facilities in Jordan, Kuwait, Bahrain and Oman, according to the state news agency Tasnim.

Iranian state media said the Revolutionary Guard had closed the Hormuz until further notice, but the U.S. military disputed that claim. Centcom said the strait was open to “all vessels seeking to lawfully transit.”

“U.S. forces are positioned and prepared to ensure that freedom of navigation remains available despite unwarranted Iranian aggression, harassment, threats, and arbitrary declarations,” Centcom said in a social media post Sunday. “Iran does not control the strait. Traffic is flowing.”