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.

The Sindh government will introduce its budget for the fiscal year 2026-27 today with a total outlay of more than Rs3.4 trillion, authorities said.

Chief Minister Murad Ali Shah will table the budget in the provincial legislature. The development budget suggested is Rs720 billion and contains more than 3,715 development programs.

Sources said that 73 per cent of the total revenue of Sindh is likely to be received in the form of transfers under the National Finance Commission (NFC) Award.

The budget is also likely to bring respite to government employees with a 10 percent hike in pay and an 8 percent hike in pensions on the cards.

Sources claimed the overall development budget of the province will be about 28 per cent less than the allotment for the current fiscal year. Of the development outlay, Rs256 billion has been planned for foreign project assistance and Rs68 billion has been proposed under the Public Sector Development Programme (PSDP).

The administration is also contemplating to slash the District Annual Development Programme (ADP) allocation from Rs55 billion to Rs15 billion. The Provincial Development Programme is likely to be about Rs385 billion.

Budget data show the development portfolio includes 3,594 current projects and 120 non-approved, new ideas. The Local Government Department’s water supply, drainage and sanitation projects are 972 schemes while the Education Department has 655 schemes in the budget. Hundreds of development projects have also been funded for the Works and Services Department.

The proposed budget has allocated Rs6.3 billion for development projects of law and order institutions, Rs1.5 billion for divisional headquarters schemes, Rs6 billion for fast-track completion of ongoing projects and Rs250 million for development initiatives in undeveloped districts.

Ahead of the budget session, the Sindh Cabinet is also set to convene at 11am to evaluate supplementary expenditures for the outgoing fiscal year and adopt budget plans for FY2026-27.

The Planning and Development Department will also apprise the cabinet about the Annual Development Programme and approve decisions taken by the finance committee and approvals of minutes of previous meetings and summaries of circulation.

Authorities have been instructed by Prime Minister Shehbaz Sharif to accelerate the construction of a 100 megawatt solar energy plant in Gilgit-Baltistan.

The decision was given out during a review meeting on the Gilgit-Baltistan solar energy project, which was presided over by the prime minister. The federal government’s solar effort in the area was explained to concerned officials.

The prime minister declared during the meeting that the project, which aims to supply Gilgit-Baltistan residents with 100 megawatts of solar power, will be entirely funded by the federal government.

Additionally, he gave authorities instructions to finish the project as quickly as possible and to use impartial third-party review to guarantee openness at every level.

An 18 megawatt solar energy project has been planned for local government facilities, according to the briefing. This project is expected to be finished in the Gilgit and Diamir divisions by December 2026. It is anticipated that the Baltistan district’s government buildings would be fully solarised by October 2026.

An 82-megawatt solar energy project for homes in Gilgit, Skardu, Chilas, and Khaplu is also in progress, according to the briefing.

Senior government representatives, such as Federal Minister for Planning Ahsan Iqbal, Federal Minister for Economic Affairs Ahad Khan Cheema, Federal Minister for Power Division Sardar Awais Ahmad Khan Leghari, and Minister for Kashmir and Gilgit-Baltistan Affairs Amir Muqam, were present at the meeting.