Business
Gold Touches Historic Rs388,100 Mark – SUCH TV

Gold prices in Pakistan continued to climb on Tuesday, extending a record-breaking rally in line with global trends as investors turned to the safe-haven asset.
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold per tola surged Rs4,100 to reach an all-time high of Rs388,100.
Similarly, the rate of 10-gram gold rose Rs3,514, hitting a new peak at Rs332,733.
On Monday, the precious metal had already reached a record high of Rs384,000 per tola after gaining Rs6,100 in a single day.
Internationally, gold prices continued their record-setting rally as mounting expectations of a September US interest rate cut pressured the dollar and Treasury yields.
While investors awaited key US inflation data later in the week.
Spot gold was up 0.7% at $3,661.09 per ounce, as of 0933 am ET (1333 GMT), after hitting a record high of $3,666.38 earlier in the session.
US gold futures for December delivery rose 0.7% to $3,701.40.
Market analysts say persistent global uncertainty and policy expectations are likely to keep safe-haven demand for gold elevated in the near term.
Meanwhile, the Pakistani rupee extended its upward streak against the US dollar, posting a slight appreciation in the inter-bank market.
The currency closed at 281.61, inching up one paisa from the previous day’s close at 281.62.
It marked the rupee’s 23rd straight session of gains against the greenback.
The rupee has depreciated 1.09% in the calendar year to date and appreciated 0.76% in the fiscal year to date, noted Ismail Iqbal Securities.
In global trade, the US dollar slipped to a nearly seven-week low as investors anticipated data revisions that may reveal a weaker job market.
Strengthening expectations of deeper interest rate cuts by the US Federal Reserve.
Furthermore, Pakistan’s central government debt increased to Rs77.9 trillion by the end of June 2025, up 2.4% month-on-month (Rs1.84 trillion).
Compared with Rs76 trillion in May 2025, according to the State Bank of Pakista) data quoted by Arif Habib Limited.
On a yearly basis, the debt stock grew 13% from Rs68.9 trillion in June 2024.
The government’s domestic debt rose to Rs54.5 trillion, marking a 15.5% year-on-year increase.
Within this, the long-term debt stood at Rs45.7 trillion, led by a sharp 26.1% jump in federal government bonds to Rs41.4 trillion.
The overall permanent debt was Rs42.2 trillion, while the unfunded debt increased 7.9% to Rs3 trillion. Prize bonds edged up to Rs407 billion.
Short-term debt, however, declined 14.5% year-on-year to Rs8.8 trillion. Naya Pakistan Certificates also contracted by 26.3% to Rs62 billion.
Meanwhile, the external debt reached Rs23.4 trillion, reflecting a 7.6% increase from Rs21.8 trillion a year earlier and 3.7% higher than May 2025.
Analysts caution that Pakistan’s heavy reliance on domestic borrowing through government bonds.
Coupled with rising external obligations, underscores the fiscal challenge of managing a mounting debt stock amid constrained revenues.
Business
Trump tariff: Will wait and watch how trade talks pan out, says officials – The Times of India

Business
Games such as Omaze and McDonald’s Monopoly ‘normalising gambling’, says charity

Prize draws such as Omaze and McDonald’s Monopoly are normalising gambling, particularly for children and young people, a charity has warned.
GambleAware said survey findings suggested a link between prize draws such as Omaze and McDonald’s Monopoly and gambling harm, with latest data suggesting that 27% of people who gamble are estimated to be experiencing a risk of problems from taking part in such games.
Prize draws are not currently regulated as a licensed form of gambling, but GambleAware said they had “many similarities” to certain types of gambling and people “may not understand the risks associated with them”.
The charity raised its concerns about prize draws as it released its fifth annual Treatment and Support Survey data, finding that demand for treatment and support for gambling problems has almost doubled since 2020.
The YouGov survey found that almost one in three adults (30%) who are experiencing a risk of problems from gambling want treatment, support or advice, compared with around one in five (17%) in 2020.
The data also shows an increase in the proportion of adults who are experiencing problem gambling, up from 2.4% in 2020 to 3.8% in 2024.
The number of people affected by family or friend’s gambling has increased from 6.5% in 2020 to 8.1% in 2024 – an estimated 4.3 million adults.
The charity said estimates based on the YouGov survey suggested that around two million children may be living in households with an adult experiencing problem gambling.
GambleAware chief executive Zoe Osmond said: “Gambling can be highly addictive, with devastating impacts on people’s lives, relationships and financial stability.
“While it is encouraging that more people have sought help, this rise may also point to a growing public health crisis.
“We are increasingly alarmed by how gambling is being normalised and how frequently people – especially young people – are exposed to gambling across Great Britain.
“To reverse this troubling trend, urgent preventative action is needed. This must include tougher regulation of gambling advertising to stop gambling being portrayed as ‘harmless fun’.
“There should also be mandatory health warnings on all gambling ads, stricter controls on digital and social media marketing, and a full ban on gambling promotion in stadiums and sports venues to protect children and young people from harm.”
The report, which also explored attitudes towards children’s exposure to gambling, found widespread support for more restrictions on gambling advertising, with 91% supporting a ban on gambling advertising on TV and video games and 90% supporting a ban on social media.
Kate Gosschalk, YouGov associate director, said: “We are pleased to share the findings from the latest annual Treatment and Support Survey, a substantial online survey of around 18,000 people in addition to interviews with those who gamble.
“The new data provides valuable insight about gambling harm, including an increase in the number of people seeking support or treatment over the past five years.”
An Omaze spokesman said: “Omaze takes consumer safeguarding very seriously. We voluntarily operate an automated monthly spending limit for all customers, and our teams proactively review customer spend patterns to identify whether a customer has multiple subscriptions or if they frequently get close to the cap. This allows us to identify and protect against any potential excessive spend.
“We operate in full compliance with all relevant UK regulations.
“As a part of our commitment to high standards, we are subject to strict requirements under the Advertising Standards Agency (ASA) and abide by all of its rules in promoting our products.
“Omaze welcomes the Government’s latest research and plans on the prize draw sector. We are pleased to be working closely with the Department of Culture, Media and Sport to develop a voluntary Code of Conduct for the industry, to ensure that Omaze’s high levels of consumer protections are matched across our industry.”
Business
Oracle’s Larry Ellison surpasses Elon Musk as world’s richest man

Danielle KayeBusiness reporter

Elon Musk has lost his title as the world’s richest person to Larry Ellison, the co-founder of Oracle and an ally of US President Donald Trump.
Ellison’s wealth surged to $393bn (£290bn) on Wednesday morning, surpassing Musk’s $385bn (£284bn), according to the Bloomberg Billionaires Index.
Shares in Oracle soared more than 40% after the database software company gave investors a surprisingly rosy outlook for its cloud infrastructure business and artificial intelligence (AI) deals.
Ellison, whose net worth is tied to the company, has steadily built his fortune over the past five decades.
Musk had held the title of world’s richest person for nearly one year. He could receive a pay package worth over $1tn (£740bn) if he hits a list of ambitious targets over the next decade, the board of the electric car firm has proposed.
But shares in Musk’s most valuable business, Tesla, have fallen this year.
The electric vehicle maker has grappled with investor jitters over the Trump administration’s rollback of electric vehicle initiatives, on top of consumer backlash to Musk’s political involvement.
Oracle has recently been propelled by growing demand for data centre infrastructure.
The company projected as part of its quarterly earnings report on Tuesday that revenue from its cloud business will jump 77% this year, to $18bn, with further growth expected in the coming years.
Oracle has reported a surge in demand among AI companies for its data centres, which helped push its stock dramatically higher.
It signed four multibillion-dollar contracts with customers in the last quarter and anticipates several more deals in the months ahead, chief executive Safra Catz said on Tuesday.
Trump ties and media ambitions
Ellison, 81, helped start Oracle in 1977 and rose to prominence in the 1990s, when he became a public figure known as much for his lavish lifestyle as for the database company behind his fortune.
He was Oracle’s chief executive until 2014 and is now the company’s chairman and chief technology officer.
And he has positioned himself as an ally to President Trump.
When Trump returned to the White House in January, Ellison appeared alongside OpenAI’s Sam Altman and SoftBank’s Masayoshi Son to announce a project called Stargate, to build out AI infrastructure in the US.
Oracle has also emerged as a possible buyer of TikTok, the app owned by the Chinese internet company ByteDance. TikTok is facing a ban in the US unless it divests itself of its ByteDance ownership.
In January, when asked whether he was open to Musk buying TikTok, Trump responded: “I’d like Larry to buy it, too.”
Ellison’s media ambitions extend beyond TikTok.
He funded the bulk of a $8bn bid by his son to acquire Paramount, which owns CBS and MTV.
That deal between Paramount and the media company Skydance, which is controlled by his son David, closed last month.
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