London
Gold hit its highest in 3-1/2 months on Friday as the dollar hit a one week low after the new US finance chief poured cold water on the "Trumpflation trade" that had boosted the greenback this year.
Treasury Secretary Steven Mnuchin said on Thursday that any steps US President Donald Trump's administration takes on policy would probably have only limited impact this year, though he wants to see tax reform passed by August. The comments suggested much work was still needed on the sweeping tax plan that Mnuchin called his main priority, and which investors had bet would stoke growth and inflation this year.
"We've got a vacuum of (US domestic) policy, real (interest) rates going down, the dollar going sideways and geopolitical (jitters) around the world ...all helping gold," ICBC Standard Bank analyst Tom Kendall said. "There is apparently a move of institutional investor money into gold and there are usually very good reasons for that."
A representational image showing an oil refinery. — AFP/FileKARACHI: Pakistan Petroleum Limited has announced a...
P@SHA Chairman Zohaib Khan was the esteemed Chief Guest at Aptech 2023. — X/PASHAORG/FileKARACHI: Muhammad Zohaib...
PSX marked the listing of the Mahaana Islamic Index Exchange Traded Fund with a gong ceremony on April 23, 2024. —...
FPCCI Regional Chairman and VP Zaki Aijaz while speaking during a round table discussion on the challenges and...
This representational image shows Gold bars. — AFP/FileKARACHI: Gold prices in the local market fell by Rs7,800 per...
Security personnel walk past the US Federal Reserve building in Washington, DC on Oct 22, 2021. — AFPNew York:...