Business
Gold holds steady at peak, rupee rises for 24th session | The Express Tribune

KARACHI:
Gold prices in Pakistan remained unchanged at Rs388,100 per tola on Wednesday, a day after hitting an all-time high, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). The price of 10-gram gold also held steady at Rs332,733.
In the international market too, gold remained steady at $3,654 per ounce, hovering close to its all-time high, supported by expectations that the US Federal Reserve may resume rate cuts at its upcoming policy meeting after softer-than-expected inflation data. Silver prices also stayed unchanged, with one tola selling for Rs4,358.
Commenting on the global outlook, Interactive Commodities Director Adnan Agar said gold was “near the low of its all-time high” but its next course would depend on the US inflation data. “If inflation eases, it will fuel hopes of a Fed rate cut and work in gold’s favour,” he noted.
However, Agar cautioned that gold was overbought, making the market prone to a correction of $80 to $100 before moving towards $3,700. “If prices continue to rise without a correction, the eventual pullback could be much sharper – possibly in the range of $200 to $250,” he warned.
Spot gold was up 0.5% at $3,644.49 per ounce, as of 11:06 am EDT (1506 GMT), after hitting a record high of $3,673.95 on Tuesday, according to Reuters. US gold futures for December delivery were up 0.1% at $3,684.10.
US producer prices unexpectedly fell in August, pulled down by a decline in the cost of services, the Labour Department data showed.
Meanwhile, the Pakistani rupee extended its upward streak against the US dollar, posting a slight gain in the inter-bank market. The local currency closed at 281.60 per dollar, up by a nominal one paisa from the previous day’s close at 281.61. This marked the rupee’s 24th consecutive session of appreciation against the greenback.
In global markets, the US dollar held steady as investors awaited key US inflation data in the current week, which is expected to shape the Federal Reserve’s upcoming policy decision. Following a weak jobs report last week that reinforced expectations of a rate cut at the Fed’s September 16-17 meeting, the debate now centres on whether the reduction will be 25 or 50 basis points. The outcome will hinge on inflation trajectory, particularly the impact of tariffs on US prices. Producer price inflation figures were due on Wednesday, followed by the consumer price index on Thursday.
Business
Hyundai says opening of raided plant to be delayed

A massive immigration raid at a Hyundai plant in the US will delay its opening by at least two months, according to the company.
The raid has raised tensions between the US and South Korea, where many of those detained were from, with the South Korean president warning that it will discourage foreign investment into the US.
South Korean officials have said many of the workers had been sent to the US factory temporarily to help get it going.
Hyundai chief executive José Muñoz told US media the raid will create “minimum two to three months delay [in opening the factory] because now all these people want to get back”.
The raid in the state of Georgia was the biggest in US history, leading to the detention of 475 people, including roughly 300 people from South Korea.
US immigration officials said the workers were not authorized to work in the US while South Korean officials said it is common practice for Korean firms to send workers to help set up overseas factories.
The workers are due to return home on Friday. Their flight, initially set for Wednesday, was delayed after Trump proposed they remain in the US to continue training American workers, according to South Korean officials. All but one person rejected that offer.
Mr Muñoz said the firm is figuring out how it will fill the positions of the workers who plan to return to South Korea.
None of the people arrested at the site last week were directly employed by Hyundai, according to the company.
LG Energy Solution, which operates the battery plant in Georgia with Hyundai, said that many of its employees who were arrested had various types of visas or were under a visa waiver programme.
At a press conference on Thursday, South Korea’s president said if such arrangements were no longer allowed, it would make building factories in the US “more difficult… making companies question whether it’s worth doing at all”.
The situation has raised questions about the viability of the trade deal that the US and South Korea had agreed earlier this year, in which President Donald Trump had agreed to drop some of his steepest tariff threats, in exchange for promises of billions of dollars of investment.
Hyundai alone had pledged $26bn (£19.2bn), including a new steel factory in Louisiana that had been celebrated by Trump, who has made boosting foreign investment in the US to revive manufacturing a top priority.
The site of the raid is part of a bigger complex in Georgia that is eventually supposed to create 8,500 jobs and had been hailed as the largest economic development project in the state’s history.
Business
’Not far apart on tariff deal’: Trump’s India ambassador nominee says issues to be resolved ‘in weeks’; calls India a strategic partner – The Times of India

US President Donald Trump’s nominee to be the American ambassador to India, Sergio Gor has said that India-US trade deal issues will be sorted within weeks. At a Senate committee hearing for the position of US ambassador to India, Gor said, “We’re not that far apart on a deal on these tariffs.”The US aims to settle the dispute with India in the coming weeks regarding penalties enforced on Russian oil purchases, according to the senior American diplomat.“I do think it will get resolved over the next few weeks,” Sergio Gor said during his Senate committee hearing, according to an AFP report.“We’re not that far apart on a deal on these tariffs”, he said. Gor, who presently leads the White House Presidential Personnel Office, is a trusted associate of Donald Trump.The US ambassador-designate to Delhi, Sergio Gor, emphasised that India’s role as a strategic ally will influence regional and international developments, whilst affirming his dedication to strengthening America’s interests in this crucial partnership.President Donald Trump’s decision last month to elevate Gor, who serves as Director of Presidential Personnel, to the position of US Ambassador to India and Special Envoy for South and Central Asian Affairs, marks a significant appointment.
Sergio calls India a strategic partner for US
Gor said, “India is a strategic partner whose trajectory will shape the region and beyond. Under President Donald Trump’s strong leadership, I’m committed to advancing America’s interest in this important partnership.”Upon confirmation, Gor, at 38 years of age, will become the youngest US representative to serve as ambassador to India.He highlighted India’s significance, noting that its geographical location, economic development and military strength are essential for regional stability and vital for promoting shared security interests between both nations.Secretary of State Marco Rubio, who introduced Gor, noted, “who is the nominee to India, which is, I would say, one of the top relationships the US has in the world today, in terms of the future, what the world is going to look like.”Acknowledging Rubio’s introduction, Gor reinforced that India represents one of America’s most significant global relationships.He outlined his objectives, stating, “If confirmed as ambassador, I will work to deliver on the presidential agenda and advance US interests by increasing our defence cooperation, ensuring fair and beneficial trade, deepening energy security and furthering technology.”
Business
London Underground seeks union talks in bid to resolve pay dispute

London Underground has invited union leaders to talks next week in a bid to resolve a dispute over pay and hours which led to strikes.
The company said it wanted to hold talks next Wednesday.
Tube services are expected to return to normal by late morning on Friday after the strikes which have caused travel chaos all week.
Members of the Rail, Maritime and Transport union (RMT) walked out, leading to services been crippled since Monday with few underground trains running.
Commuters have switched to buses, bikes or trains not affected by the dispute to get to and from work.
London Underground said there will be no service before 8am on Friday, with normal service on all lines by late morning.
The Docklands Light Railway will be running a normal service after it was hit by a strike over a separate issue on Thursday.
An RMT source said: “This is a step in the right direction from TfL (Transport for London) and has only occurred due to the industrial pressure from RMT members this week.”
Commuters trying to get home on South Western Railway also suffered delays due to a tree blocking the railway between Clapham Junction and Earlsfield, which led to some lines towards Wimbledon being blocked.
SWR said it expected there may be cancellations, delays or alterations to services until 8pm.
SWR services towards Putney were also blocked because of a fault on a train at Clapham Junction, with delays or alterations expected until 6pm.
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