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Gold Climbs as Rate-Hike Bets Ease Ahead of Fed Decision

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Gold rose for a fifth straight session on Wednesday as optimism over a U.S.-Iran peace deal curbed expectations for U.S. interest rate hikes, while investors awaited further details on the accord and the Federal Reserve’s policy meeting.

Spot gold climbed 0.3% to $4,341.12 an ounce by 0230 GMT, approaching a one-week peak reached on Monday. U.S. gold futures for August delivery climbed 0.2% to $4,361.10.

Details of a U.S.-Iran temporary deal to end the ⁠Middle East conflict are emerging, with U.S. President Donald Trump stating it would rule out ​a nuclear weapon for Tehran and a U.S. official suggesting it would allow Iran to sell ​oil once signed.

Oil prices stayed near a three-month low after news that Iranian petroleum could soon enter world markets, soothing inflationary fears.The decline in oil prices has taken some of the upward pressure off rates and dampened expectations for rate hikes. “But the rally (in gold) is losing some momentum with all eyes on the Fed’s monetary policy announcement,” Ilya Spivak, global macro head at Tastylive, said.

Investors now look to the U.S. Fed policy decision and statements scheduled later in the day, with rates largely expected to remain on hold. “This is the first FOMC meeting led by Kevin Warsh and traders still seem uncertain as to how he would balance a hawkish record, increasing inflation and pressure from a White House calling for a dovish pivot,” Spivak said.

Gold is not attractive when rates are high, because it does not pay interest.“Longer term, structural support for (gold) is expected to remain, underpinned by continued Asian demand and ongoing central bank buying as a hedge against geopolitical and policy risks,” Westpac analysts said in a research note.

Other precious metals also gained with spot silver up 0.3% to $70.38 per ounce, platinum rose 0.5% to $1,812.80 and palladium was up 0.3% at $1,355.65.

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Jet fuel price rises by Rs9.05 per litre in Pakistan

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 Jet fuel prices have once again increased in the country, along with the price of kerosene oil.

The price of jet fuel has been increased by Rs9.05 per litre, while kerosene oil has become Rs7.68 per litre more expensive.

Following the increase, the new price of jet fuel has been fixed at Rs355.52 per litre, while kerosene oil will now cost Rs329.54 per litre.

Meanwhile, according to a notification issued by the Petroleum Division, the price of petrol has also been increased by Rs2.10 per litre, taking its new price to Rs392.76 per litre.

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Govt sets deadline of 20th Oct for pilgrims to pay 2nd Hajj installment

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The religious affairs ministry stated late Friday that the federal government has fixed October 20 as the deadline for intending pilgrims selected under the government Hajj system to deposit the second installment of their pilgrimage dues.

ISLAMABAD: Pakistan has set aside 107,526 slots for the government plan, including 30,000 for a shorter package, and another 71,696 slots have been granted to the private scheme for next year’s Hajj.

The country on Aug. 25 completed online booking of all tickets in the government Hajj scheme, the first time the whole quota has been filled through a digital reservation system.

The ministry of religious affairs said in a statement on Friday that the applications of pilgrims for next year’s Hajj will be cancelled if they did not pay by the deadline.

“The dates for depositing the second installment of dues for Hajj pilgrims under the government scheme have been fixed from 5 October to 20 October, 2026,” the ministry said.

“If the second installment is not deposited within the deadline, then the Ministry said the pilgrim’s application will be cancelled and the amount deposited earlier will be refunded to the pilgrim’s account,” the Ministry said.

Under the government arrangement, pilgrims can pay the second payment of Hajj dues through the ‘Pak Hajj App’ or digital Hajj site within the stipulated deadline.

The government said that submitting the Hajj medical fitness certificate on the ‘Pak Hajj’ app or the digital Hajj portal was essential before depositing the second installment.

This year the government announced that pilgrims will pay Rs1.2 million ($4,334) for a 40-day Hajj package and Rs1.3 million ($4,695) for a shorter, 20- to 25-day package under the government system.

The first installment of dues for seats under the shorter government package was paid within 24 hours of the process starting on Aug 18 and the rest of the seats under the plan were booked by Aug 25.

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Petrol price goes up by Rs2.10, diesel by 30 paisa a liter:

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– Petrol and diesel prices have been increased once again under the latest fuel-price revision.

The revised prices will take effect from October 3, 2026.

According to a notification issued by the Petroleum Division, the price of petrol has been increased by Rs2.10 per litre. Following the latest increase, petrol will now cost Rs392.76 per litre.

The price of high-speed diesel has also been raised by 30 paisa per litre, taking its new rate to Rs399.64 per litre.

The Petroleum Division said the announced rates are linked to movements in international petrol and diesel prices.

According to the notification, changes in the global market, Platts rates, premiums and other associated costs were taken into account when determining the revised prices.

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