With bullish underlying factors, gold prices in Pakistan climbed on Wednesday, tracking a sharp rise in the international market, where the precious metal gained more than 1% as investors turned to safe-haven assets ahead of crucial US economic data releases.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola rose by Rs7,900 to Rs431,562. The rate for 10 grams increased by Rs6,773, closing at Rs369,994. The increase comes a day after prices fell sharply, with the per-tola rate declining by Rs7,000 to Rs423,662 on Tuesday.

Internationally, gold surged as markets awaited two major triggers – the release of the US Federal Reserve’s meeting minutes scheduled for late Wednesday night and the delayed US employment data expected on Thursday. Both indicators are seen as key determinants of the Fed’s policy direction and could sway investor sentiment significantly.

“Safe haven is undergoing fluctuations these days, but with bullish underlying factors,” said Adnan Agar, Director at Interactive Commodities, noting that gold was moving within critical technical levels and was showing heightened volatility. “Gold is fluctuating. Right now, it has a very ‘strong level’ of around $4,160. If it breaks and closes above that, there is a very high chance gold will head towards a new high,” he said. “If it fails to close above that mark and the market comes down again, it could return towards $4,050 or even $4,000.”

Agar added that the $4,000 mark acts as a strong support zone, both technically and psychologically, given its round-number significance. He also highlighted strong physical demand from China as a major factor preventing a deeper correction in global prices.

“There is a lot of demand for physical gold from China. Chinese investors and the general public are buying and China itself is also accumulating gold. Under normal circumstances, a $400-500 correction should have occurred by now, but strong physical demand has held the market up,” he noted.

The Russian central bank said on Wednesday that its sales and purchases of gold in the domestic market for the budget reserve, the National Wealth Fund, had been increasing in recent years due to the enhanced liquidity of gold, according to Reuters.

The Pakistani rupee marginally strengthened against the US dollar in the inter-bank market on Wednesday, closing at 280.66 after gaining Rs0.01 from Tuesday’s close at 280.67.

MUMBAI: Beginning Jan 2026, a PSB alliance digital platform for lending to small business will start functioning at scale opening up a new avenue for MSME financing. The platform will allow any fintech or entity that serves MSMEs, including dealers, to plug in and provide a financing interface for small businesses. At the other end, 12 public sector banks will provide digital loans to these enterprises.Speaking to TOI, Sorabh Dhawan, CEO of PSB Xchange, said the platform aims to disburse Rs 3 lakh crore of loans by 2030.PSB Xchange is designed as a multi-lender system connecting corporates and their channel partners with banks, NBFCs and fintechs. “Created by PSB Alliance in partnership with Veefin Solutions, it enables digital credit delivery across the country. This is the first time India’s largest lenders are coming together on a common exchange to serve MSMEs,” Dhawan said.“I have spent most of my 18-year banking career underwriting and financing MSMEs, and I have seen first-hand the strength and potential of this segment. Supply chain finance can unlock that potential at scale, and I believe PSB Xchange will play a decisive role in transforming access to working capital,” he said.He said that at present only 14-15% of MSMEs currently access formal financing. “Our objective is to expand this coverage and make capital available at competitive rates. By onboarding fintechs, corporates, dealers, distributors, suppliers and lenders on a single platform, we ensure MSMEs can access funds at sub-10% rates, instead of relying on high-cost credit,” he said.Dhawan said the platform has around 70 sourcing partners live and can be used by nearly 9,900 fintechs in the country without integrating individually with each bank.

The US trade deficit narrowed by about 24 per cent in August as sweeping tariffs imposed by President Donald Trump reduced imports, according to a delayed Commerce Department report released Wednesday. According to Associated Press, citing the report, the trade gap fell to $59.6 billion in August from $78.2 billion in July. Imports declined 5 per cent to $340.4 billion as businesses slowed purchases from abroad after stockpiling goods ahead of tariffs that took effect on August 7. Exports rose 0.1 per cent to $280.8 billion. Trump has upended decades of US free-trade policy by levying broad duties on most trading partners as well as on products such as steel, copper and automobiles. He argues that chronic trade deficits reflect foreign nations exploiting the US. Economists say tariffs are contributing to inflation by raising costs that importers largely pass to consumers. Despite August’s pullback, the trade deficit has widened in 2025, reaching $713.6 billion through August — up 25 per cent from $571.1 billion in the same period last year. A narrower trade gap typically supports economic growth because imports subtract from gross domestic product. “August’s smaller trade deficit will be a tailwind for third-quarter real GDP, since it means more US spending went to domestically-produced goods and services,” said Bill Adams, chief economist at Comerica Bank. The release was delayed due to the government shutdown. Public anger over living costs contributed to Democratic gains in the November 4 elections. Days later, Trump rolled back tariffs on items such as beef, coffee, tea, fruit juice, cocoa, spices, bananas, oranges, tomatoes and some fertilisers, acknowledging their effect on prices. The Supreme Court is weighing the legality of the tariffs. During a November 5 hearing, justices questioned whether a president can impose open-ended duties under emergency powers without approval from Congress.