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Nov. 11— Gold prices were flat on Thursday after a surge in US consumer prices drove the metal to a five-month peak in previous session.FundamentalsSpot gold was little changed at $1,850.00 per ounce by 0100 GMT, after hitting its highest since June 15 on Wednesday.US gold futures gained 0.2% to $1,852.00.US consumer prices accelerated in October as Americans paid more for gasoline and food, leading to the biggest annual gain in 31 years, more signs that inflation could stay uncomfortably high well into 2022 amid snarled global supply chains.Gold is often viewed as a hedge against rising price levels.In another report on Wednesday, the US Labour Department said initial jobless claims last week fell to the lowest level since the middle of...

November 11, 2021 at 4:52 pm | Economic Affairs

AgenciesNov. 11— Oil prices were steady on Thursday after falling in previous session on concerns rising inflation in the United States, spurred by climbing energy costs, may prompt the government to release more strategic crude stockpiles to drive down prices.Brent crude futures fell on Wednesday by 2.5% and West Texas Intermediate (WTI) futures dropped by 3.3% after reports that U.S. inflation increased at the fastest rate in 30 years pushed the dollar higher and crude inventories in the U.S., the world’s biggest oil consumer, rose after the government released some strategic reserves.Brent crude futures gained 31 cents, or 0.4%, to $82.95 a barrel at 0515 GMT, while WTI futures rose 29 cents, or 0.4%, to $81.63.“Crude prices are t...

November 11, 2021 at 4:51 pm | Economic Affairs

November 10,2021Islamabad( Press Release (Speaker National Assembly Asad Qaiser has said that Afghanistan is passing through a decisive phase in its history and it is incumbent upon Pakistan being its neighbor to support Afghanistan as peaceful and stable country. He said that strengthening trade ties between both countries would bring prosperity and it would also generate economic activities in the region. He expressed these views while addressing the “8th Focus Discussion on Pakistan and Afghanistan Economic Activity “organized by Pakistan Afghanistan Joint Chamber of Commerce (PAJCCI) in Islamabad today.Speaker National Assembly made it clear that Pakistan always desires to build relations with Afghanistan on the basis of economic a...

November 10, 2021 at 10:00 pm | Economic Affairs

November 10,2021Islamabad( Press Release)The Special Representatives/Envoys for Afghanistan from China, Russian Federation, United States and Pakistan will participate in the Troika Plus meeting in Islamabad on 11 November 2021. The meeting will be inaugurated by Foreign Minister Shah Mahmood Qureshi.Pakistan attaches high importance to the Troika Plus mechanism on the situation in Afghanistan. Pakistan hopes that deliberations of the Troika Plus meeting would contribute to the ongoing efforts for achieving lasting peace and stability in Afghanistan.

November 10, 2021 at 9:57 pm | Economic Affairs

November 10, 2021 Islamabad( Press Release)Lieutenant General Faiz Hameed, Director General Inter Services Intelligence called on Air Chief Marshal Zaheer Ahmed Baber Sidhu, Chief of the Air Staff, Pakistan Air Force in his office today. Various matters pertaining to national security and synergy amongst tri- services and intelligence organisations were discussed during the meeting.DG ISI expressed his appreciation for the thorough professionalism of PAF personnel, and their resolve to safeguard the aerial frontiers of Pakistan. The Air Chief lauded the diligent efforts of Inter Services Intelligence for maintenance of regional peace and stability.

November 10, 2021 at 9:54 pm | Economic Affairs

November 10,2021Islamabad ( Press Release)The 7th Session of Pakistan-Australia Senior OfficialsTalks (SOTs) was held today via video-conference. The Pakistan side was led by Additional Secretary (Asia-Pacific) Asim Iftikhar Ahmad, while Justin Hayhurst, Deputy Secretary, Indo-Pacific Group, Department of Foreign Affairs and Trade led the Australian side.The two sides reviewed the entire gamut of bilateral relations and multilateral cooperation including matters relating to political, economic trade and investment, defence and security, educational and technical cooperation and people-to-people contacts.Welcoming the steady progress in multi-dimensional bilateral relations over the years based on mutual trust and understanding, the two sid...

November 10, 2021 at 4:09 pm | Economic Affairs

AgenciesNov. 10— Oil prices rose on Wednesday, extending strong gains in the previous session, after industry data showed U.S. crude stocks unexpectedly fell last week just as near-term travel demand picked up with COVID-19 pandemic curbs easing.Brent crude futures were at $85.22 a barrel by 0732 GMT, up 44 cents, or 0.5%, to after rising 1.6% on Tuesday.U.S. West Texas Intermediate (WTI) crude futures rose 16 cents, or 0.2%, to $84.31 a barrel, adding to Tuesday’s 2.7% gain.Both benchmarks touched their highest in two weeks earlier on Wednesday, supported by tightening global oil inventories during the past several months, and the latest data from the American Petroleum Institute reinforcing the view that supply remains constrained.Ac...

November 10, 2021 at 4:07 pm | Economic Affairs

ISPR( Press Release)Mrs Androulla Kaminara, Ambassador of European Union (EU) called on General Qamar Javed Bajwa, Chief of Army Staff (COAS), today.During the meeting, matters of mutual interests, regional security situation including current situation of Afghanistan and bilateral cooperation with European Union (EU) were discussed. COAS said that Pakistan values its relations with EU countries and we earnestly look forward to enhance mutually beneficial multi-domain relations based on common interests.The visiting dignitary appreciated Pakistan’s role in Afghan situation, efforts for regional stability and pledged to play their role for further improvements in diplomatic cooperation with Pakistan at all levels.

November 10, 2021 at 4:06 pm | Economic Affairs

AgenciesTOKYO, Nov. 19 — US dollar held a three-day loss against major peers and traded near a one-month low to the yen on Wednesday, with highly anticipated US inflation data looming that could guide the timing of a Federal Reserve interest rate increase.China will also release readings on consumer and producer prices on Wednesday, which could sway the direction of policy there as property sector woes threaten the broader economy.The dollar index, which measures the greenback against six rivals, was little changed at 93.970 after retreating gradually from a more than one-year peak at 94.634 reached Friday.The currency was steady at 112.915 yen after dipping to 112.73 on Tuesday for the first time since Oct. 11.The euro was also about fl...

November 10, 2021 at 11:51 am | Economic Affairs

Nov. 10 — Spot gold fell 0.2% to $1,827.05 per ounce by 0255 GMT, after hitting its highest since Sept. 3 earlier in the sessionGold prices slipped from a more than two-month peak on Wednesday, as an uptick in the dollar hurt the bullion's appeal.FundamentalsSpot gold fell 0.2% to $1,827.05 per ounce by 0255 GMT, after hitting its highest since Sept. 3 earlier in the session.US gold futures edged 0.1% lower to $1,829.70.The dollar index edged up 0.1%, raising gold's cost to buyers holding other currencies.Two of the US central bank's most dovish policymakers said Tuesday they expect to get more clarity on the post-pandemic economic outlook by next summer, when the Federal Reserve is expected to finish winding down its asset purchases.The...

November 10, 2021 at 11:50 am | Economic Affairs