AgenciesOct 4. — Gold prices started steady below a one-week high on Monday following lingering concerns over higher inflation and a slowdown in economic growth countered pressure from a firmer dollar.Spot gold was little changed at $1,759.11 per ounce by 0632 GMT, after hitting its highest since Sept. 23 at $1,765.54 earlier in the day. US gold futures rose 0.1% to $1,760.20.The dollar index was steady and rebounded from its lowest level since Sept. 29 hit earlier in the day, making gold more expensive for buyers holding other currencies.Offsetting pressure from the stronger dollar were concerns over persistent inflation, with data on Friday showing euro zone inflation hit a 13-year high last month and elevated price spikes in the Unite...
October 4, 2021 at 4:50 pm | Economic Affairs
Lahore, 22 Sept.— Asian Development Bank (ADB) projected Pakistan's risk of inflation being higher than forecastIn Asian Development Outlook 2021, it points out, "Inflationary pressures will persist and likely come from ongoing economic recovery and rising global oil prices but should be tempered by expenditure reform and the government's commitment not to borrow directly from the central bank."The ADB report said the risk of inflation being higher than forecast derived from any unusual increase in oil prices or from potential currency depreciation in the wake of any early winding down of the ongoing IMF programme.Report projected that expenditure is also to rise in FY22 as the government has budgeted substantial increases in subsidies a...
September 22, 2021 at 9:17 pm | Economic Affairs