Business
Gold steadies on dip-buying after hitting nearly 1-month low
After falling to a one-month low due to growing oil-driven inflation and predictions of prolonged interest rate hikes, gold prices stabilized on Monday due to dip-buying.
As of 0241 GMT, spot gold was unchanged at $4,540.36 per ounce, following its lowest level since March 30 earlier in the day.
U.S. gold futures for June delivery fell 0.4% to $4,543.70.Gold prices are currently experiencing a rise owing to profit-taking, but being in a difficult sideways range, according to Kelvin Wong, a senior market analyst at OANDA.
Gold plummeted to its lowest since March 30 earlier in the session as Middle East tensions raised oil prices, raising fears about inflation and longer-term interest rates.
UAE officials reported a drone strike causing a fire at a nuclear power station on Sunday.
Saudi Arabia intercepted three drones, while U.S. President Donald Trump urged Iran to act “fast” amid stalled U.S.-Israeli ceasefire attempts.
Oil prices rose to a two-week high on Monday.
Concerns about inflation stem from high oil prices. Central banks raise interest rates amid inflation, decreasing the appeal of non-yielding bullion.
According to CME Group’s FedWatch tool, markets are pricing in a 50% possibility of a U.S. Federal Reserve rate hike by December before year-end.
Investors await the Fed’s April meeting minutes, expected this week, for monetary policy guidance.
On Saturday, India, the world’s largest silver consumer, banned imports in all forms to reduce shipments and stabilize the rupee.
Silver slid 0.8% to $75.38 per ounce, platinum 0.1% to $1,972.10, and palladium 1.3% to $1,394.75.
Business
Sarah Khan supports her spouse Falak Shabir’s dress code opinion
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.
Business
NEC to convene tomorrow as govt wraps up budget 2026-27
The National Economic Council (NEC) is slated to hold an important meeting tomorrow at the Prime Minister’s House as the government is close to finishing the federal budget for the fiscal year 2026-27.
Prime Minister Shehbaz Sharif will chair the meeting which would be held at 3 pm and would discuss the approval of the national development budget and identification of major economic priorities for the next fiscal year.
According to the schedule of the meeting, the chief ministers of all four provinces would be participating as members of the council and the discussions would be held on the plans of federal and provincial development spending.
The council will analyse the development budget for the outgoing fiscal year 2025-26 and assess the success on the existing public sector investment initiatives before making allocations for the next financial year.
Provincial governments are also required to prepare their Annual Development Programmes (ADPs). The council will discuss ideas related to federal and provincial development expenditures and approve significant economic targets for 2026-27.
Besides deliberations on the Public Sector Development Programme (PSDP), and other public sector investment goals, the participants will be briefed about the major social and economic indicators in detail by provinces.
The meeting agenda will also feature a presentation of the performance report of the Central Development Working Party (CDWP) for the period from 1st April, 2025 to 31st March, 2026.
The assessment will also include reports relating to the approvals by the CDWP and the Executive Committee of the National Economic Council (ECNEC) for different development initiatives over the same period.
Participants are also scheduled to be presented monitoring and assessment reports regarding important development initiatives in the country.
The conference will begin with a full presentation by the Federal Minister for Planning on development priorities, investment plans and allocations for the next financial year.
The NEC conference is seen as an important precursor to the formal announcement of the federal budget with policy makers trying to balance the demands of the fiscal limits with those of the development needs and economic growth goals.
Business
Flour prices were increased by private mills.
on Sunday, private enterprises’ flour has doubled in price despite the government setting the price of wheat and the crushing season.
A five-kilogram bag of flour is being sold for Rs. 900 to Rs. 1000, while private enterprises have set the price of flour per kilogram at Rs. 180 to Rs. 200.
Flour from various private enterprises is offered for between Rs. 7200 and Rs. 8000 per 40 kg.
In the open market in Lahore, wheat can fetch up to Rs 4000 every 40 kg.
Flour is being sold by private businesses for twice as much as wheat.
Effective measures to stop excessive profiteering in flour sales were required by the public.
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