Business
Gold hits new highs on rate cut bets | The Express Tribune
KARACHI:
Gold prices in Pakistan soared to new all-time highs on Monday, mirroring the international surge that pushed the precious metal above $3,900 per ounce, fueled by growing expectations of a US Federal Reserve rate cut and heightened economic and political uncertainty in the United States, France, and Japan.
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold per tola reached Rs415,278 after a single-day rise of Rs5,400, while the rate for 10 grams rose by Rs4,629 to settle at Rs356,033. On Saturday, the per-tola price had already climbed to Rs409,878 following a gain of Rs2,100.
The latest rally marks a continuation of gold’s seven-week winning streak, during which the metal has repeatedly set new records. However, analysts now warn that the rally may be overstretched.
In a post on X, market watcher Walter Bloomberg quoted the Bank of America (BofA) as saying that gold’s surge may “cool as it nears $4,000/oz.” The bank noted that such seven-week uptrends have historically been followed by short-term pullbacks since 1983, adding that gold is now trading well above key moving averages, with momentum indicators flashing overbought signals.
BofA expects a pause or correction before any renewed upward move, possibly towards $5,000 per ounce in the longer run.
Commenting on the situation, Interactive Commodities Director Adnan Agar said gold’s recent strength has stretched the rally significantly. “Gold is still standing at the same high. So far, it has set an all-time high of $3,950, and it is around $3,947,” he said.
“As soon as the market opened, it increased by $50-60. Now, warnings are also coming from international brokers because the rally has stretched a lot. For seven weeks, the candles have been closing green – meaning prices have been consistently rising. So the chances are now very high that a correction will come.”
Agar added that the $4,000 level is a psychological resistance, prompting many investors to book profits, which could lead to a $100-200 correction before the next bullish leg.
“We believe the market will come close to $4,000, then correct by $100-200, and afterwards resume its upward move,” he said. Meanwhile, silver prices also recorded an uptick, rising by Rs53 per tola to reach Rs4,949.
The Pakistani rupee registered a slight uptick against the US dollar in the inter-bank market on Monday. By the day’s end, the local currency stood at 281.25, marking a modest appreciation of one paisa.
Over the past week, the rupee also posted a marginal weekly gain, strengthening by 11 paisa, or 0.04%, against the dollar. According to data from the State Bank of Pakistan (SBP), the rupee had closed the previous week at 281.26 compared to 281.37 a week earlier.
Business
Toothbrush packs to go to ‘most vulnerable’ in North Northants
Toothbrush and toothpaste packs worth a combined £20,000 are to be given to foodbanks and other organisations for distribution to vulnerable people.
North Northamptonshire Council said the funding from Northamptonshire NHS Integrated Care Board would help people “who need it the most” fight tooth decay.
Martin Langford, Corby Foodbank’s manager, said the packs would “make a real difference to how people look and feel”.
Brian Benneyworth, the Reform UK council’s executive member for health and leisure, said: “These toothbrushing packs are a simple but powerful way to help those who are most vulnerable, providing not just the tools but the dignity of self-care.”
Mr Langford said: “Access to basic hygiene items, such as toothbrush packs, is often underestimated but they make a real difference to how people look and feel.
“It strengthens our ability to reach those most in need and ensures we can continue making a positive impact within the community.”
Jane Bethea, director of public health, communities and leisure at the council, said: “Poor oral health is a major public health concern and can have a negative impact on our overall health and wellbeing and affect what we eat, how we communicate and our self-confidence.”
Guidelines recommend that people brush their teeth twice at day. Poor dental hygiene can led to tooth decay and gum infections, which can lead to tooth loss and gum disease.
Mr Benneyworth said: “Under current financial pressures, due to the cost of living crisis, some households are having to make very difficult choices about what they can and cannot buy.
“In these situations, items such as new toothbrushes and toothpaste could be seen as less important than essentials such food and heating.”
Business
Nifty, Sensex Continue Rally For Second Week Despite FII Outflows
New Delhi: Indian equity benchmarks made marginal gains for the second week, supported by stronger second quarter (Q2) earnings, easing inflation and optimism around the India-US trade negotiations. Benchmark indices Nifty and Sensex edged higher 0.68 and 0.50 per cent during the week to close at 26,068 and 85,231, respectively.
Analysts said that a moderation in FII selling due to expectations of earnings upgrades in H2 FY26 also supported the rally. However, markets turned volatile on Friday amid weak global cues. The Nifty fell after failing to cross its previous all-time highs of 26,277, ending its two-day advance.
Broader indices underperformed, with the Nifty Midcap100 and Smallcap100 ending the week down 0.76 per cent and 2.2 per cent, respectively. Though IT stocks faced selling pressure due to weakness in the US tech shares, it was the biggest weekly gainer. Nifty Auto and Services followed as the secoral gainers during the week. On Friday, metals and realty were the worst hit, both dropping over 2 per cent, followed by PSU banks, financial services and media.
A better-than-expected non-farm payroll dimmed hopes of a US Federal Reserve rate cut in December putting pressure on global equities. Resultantly gold also witnessed selling pressure while INR declined to a new low. The oil prices declined due to the US’s renewed push for a Russia-Ukraine peace proposal.
“The market may witness some profit booking in the near term if the pressure on Indian rupee persists. In the week ahead, investors will also have a close vigil on trade developments and economic data like IIP and Q2 FY26 GDP data to get the market direction,” said Vinod Nair, Head of Research, Geojit Investments Limited.
Analysts said that they expect markets to remain firm next week supported by buying on dips, improving demand outlook in Q3 and resilient flows.
Business
Labour codes to usher in uniformity, clarity – The Times of India
In a landmark move set to reshape India’s labour landscape, govt notified the implementation of all four labour codes, bringing into effect one of the most ambitious labour reforms in the country’s post-independence history. The rollout marks the realisation of “One India, One Law”- a unified labour framework that replaces a century of fragmented statutes with a consolidated, modern regulatory system. The four legislations cover various aspects of wages, social security, occupational safety, health and working conditions and employee relations aspects.Together, these codes subsume 29 central labour laws into a single legal structure aimed at improving transparency, reducing compliance complexity and enabling uniformity across states. Under the earlier system, overlapping definitions, varying state amendments and multiple registrations created operational hurdles for both employers and workers. The new framework introduces standardised definitions, rationalised thresholds and digitised processes intended to streamline compliance across the country.While the codes are now in force nationwide, supporting rules under both central and state jurisdictions are still to be notified. The press release issued by govt clarifies that they would engage with the public and stakeholders in the development of rules, regulations, and schemes under the new codes. Additionally, to ease the transition, the release confirms that the relevant provisions of existing labour laws will remain in force during the transition period.Changes for industryThe implementation of the labour codes will fundamentally reshape workforce management across industries. By introducing a uniform definition of wages, organisations will face greater clarity in benefit calculations for gratuity, ESI, leave encashment, overtime and statutory bonus, reducing litigation risk but potentially increasing employment costs. This change demands a thorough review of salary structures and payroll systems to ensure compliance. Additionally, the broader definition of ‘worker’ will extend entitlements such as overtime, leave encashment, and retrenchment compensation to a wider employee base, requiring companies to reassess classifications and related policies.Changes for workersFor workers-particularly those in the unorganised, gig and platform sectors-the reforms mark an unprecedented expansion of protections. The code on wages ensures a statutory minimum wage for all categories of workers and prohibits gender-based wage discrimination. The Social Security Code extends benefits to gig workers, platform workers and fixed-term employees for the first time. A national database of unorganised workers and a dedicated Social Security Fund aim to enable targeted delivery of welfare benefits. The OSH Code enhances workplace safety norms, regulates working conditions and ensures portability of benefits for migrant workers.A new chapter for India’s labour ecosystemThe enforcement of the labour codes marks a pivotal moment in India’s economic reform journey. If implemented effectively, the unified framework promises greater transparency, stronger worker protections and a more predictable regulatory environment for businesses. While final state rules and clarifications are awaited, Friday’s notification marks the beginning of a new chapter – one where India’s labour laws, finally, speak in a single, coherent voice.(The writer is partner, people advisory services – tax, EY India)
-
Tech7 days agoNew carbon capture method uses water and pressure to remove CO₂ from emissions at half current costs
-
Politics1 week agoBritish-Pakistani honoured for transforming UK halal meat industry
-
Sports6 days agoTexas A&M officer scolds South Carolina wide receiver after touchdown; department speaks out
-
Business7 days agoThese 9 Common Money Mistakes Are Eating Your Income
-
Fashion1 week agoAfter London, Leeds and Newcastle, next stop Glasgow for busy Omnes
-
Tech1 week ago$25 Off Exclusive Blue Apron Coupon for November 2025
-
Sports1 week agoApple scrapping MLS Season Pass service in ’26
-
Business1 week agoWhat’s behind Rachel Reeves’s hokey cokey on income tax rises?
