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Gold stays stable as investors eye rate cut | The Express Tribune
At current prices, the looted gold is worth around $70 million. PHOTO: PIXABAY
KARACHI:
Gold prices in Pakistan remained stable on Monday, with the local market seeing bullion per tola traded at Rs428,862. Similarly, 10-gram gold was sold for Rs367,680, according to the All-Pakistan Gems and Jewellers Sarafa Association.
On Saturday, gold per tola had risen by Rs2,300 to reach Rs428,862. The stability on Monday comes amid global market support, driven by growing expectations of a Federal Reserve rate cut next month and a weaker US dollar.
Internationally, spot gold rose 0.6% to $4,091.45 per ounce as of 10:53 am EST (1553 GMT), while US gold futures for December delivery gained 0.3% to $4,089.80 per ounce, as per Reuters.
Adnan Agar, Director of Interactive Commodities, noted that gold was trading in a narrow range. “It touched the low of $4,040 and the high of $4,090 today (Monday). The market was range bound, with support at $4,000 and resistance near $4,050. Chances for upward movement are high unless any negative news hits the market,” he said.
Agar added that with strong support around the $4,000 level, gold is likely to see more upside in the coming days, although market volatility could break the current range.
The dollar index inched lower, making dollar-priced bullion more affordable for holders of other currencies.
“The market is increasingly getting convinced that the US Federal Reserve is on track to cut interest rates in December,” said Bart Melek, Head of Commodity Strategy at TD Securities. “A combination of lower rate (expectations) and a weaker US dollar has helped gold in this environment,” Melek added.
Meanwhile, the Pakistani rupee saw a slight uptick against the US dollar in the inter-bank market. At close, the rupee was valued at 280.61, marking a modest gain of Rs0.01 against the greenback.
Over the past week, the local currency posted a minor appreciation, rising by Rs0.10, or 0.04%, against the US dollar. It ended the week at 280.62, compared with 280.72 in the previous week, according to the State Bank of Pakistan.
On the global front, the US dollar remained steady, with traders cautious amid potential intervention risks around the yen. Markets were also jittery ahead of the upcoming UK budget.
Business
Video: Skilled Foreign Workers Think About Leaving the U.S.
These highly skilled, highly educated foreign workers have been documenting the challenges of trying to build a career in the U.S. “If I don’t find a job, I have to leave the country.” “I sent out 907 applications.” “Have I ever truly relaxed in America?” They need an H-1B visa, which is given through a lottery system that allows U.S. companies to hire highly skilled international professionals for up to six years, in industries like tech and medicine. But the Trump administration has made changes to the program, requiring companies to pay a high fee and enforcing new rules that prioritize higher-paid foreign workers, in an effort to make more jobs available to Americans. This has forced some foreigners to rethink their career plans. “I think the U.S. is still the golden standard.” Wen-Hsing Huang came to the U.S. from Taiwan in 2022 for the tech scene, and was hired by Amazon on an H-1B visa. “I want to use my talents to change the world, and I think the United States was the best platform to do that.” Ananya Joshi came from India to attend a master’s program in Chicago in 2022. “So it was actually my my father’s dream that I had inherited because my father couldn’t go because of his financial situation.” Haina, a Chinese national, fell in love with the U.S. while studying in New York. She got her H-1B in 2022. “I remember there were a lot of companies, they would be able to sponsor.” Haina said she’s experienced a recent shift, where it has become harder to find companies that sponsor H-1B visas. “This time when I was job searching, I didn’t realize it could be a deal breaker. I just had my second interview of 2026, and it was a pretty short call.” (Recruiter) “I don’t think we’re eligible or able to do sponsorship for this role at the moment.” “They don’t even really get to know if I’m qualified, am I experienced, or anything. The decision is already made at that point.” “Please, please make sure that the company you’re about to work for has experience handling international hires.” Joshi said a start-up she interned with during grad school rescinded their promise to sponsor her H-1B visa. “Ask for everything in writing. And then there were jobs that were contract jobs. They would just reject me. They would only need people with a green card or a U.S. citizenship.” Even with an H-1B and a six-figure salary, Huang said he felt himself becoming anxious, as tech layoffs ramped up and Trump’s immigration policies kept changing. “I woke up every morning with this knot in my stomach, because my entire life depended on the policy I couldn’t control. The United States seems not very welcoming to immigrants that contribute to this country.” “The signals are, like, pretty clear at this point. They want to make this H-1B, is, like, risky and also, like, harder.” Hello, everyone.” Despite that, Haina says she’s determined to keep looking for a job until she’s forced to leave the country. “The pressure about where I’m going to be in the next of my career or, like, my life. I sort of like lost the ability to enjoy my life or just be happy.” “So I had to leave the U.S. Of course, I expanded my search beyond the U.S. Found a job in Germany.” Joshi packed up her life and started a new role with a European biotech firm in January. “I think I left at a good time, because there would have been more stress. I would have been stuck in a loop.” “It’s an endless cycle of anxiety.” After quitting his job at Amazon, Huang is now back in Taiwan, planning to launch his own company. “To bet on building an A.I. company that gives me complete control over my time, location and future. Staying in the United States is no longer the only way to achieve my American dream.”
Business
Kerosene oil prices rises after petrol and diesel hike – SUCH TV
Following the recent surge in petrol and diesel prices, the government has announced another increase in the price of kerosene, further adding to the financial burden on consumers.
According to an official notification, the price of kerosene has been increased by Rs 34.8 per liter. With this latest adjustment, the new price of kerosene has reached Rs 467.48 per liter.
The notification states that the revised price has come into effect from today. Prior to this increase, kerosene was being sold at Rs 433.40 per liter.
The continued rise in fuel prices, including kerosene, is expected to significantly impact low-income households, particularly in rural areas where kerosene is widely used for cooking and lighting.
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