The dollar firmed on Wednesday as investors awaited a closely watched Federal Reserve rate decision in what was likely to be Chair Jerome Powell’s swan song, with war in the Middle East raging and hopes for an imminent resolution dimming. Currencies held tight ranges in thinned Asia trade, with markets in Japan closed for a holiday and a slew of major central bank decisions still on deck.
Gold was largely steady in choppy trade on Wednesday as investors awaited US Federal Reserve Chair Jerome Powell’s comments to gauge the impact of the Iran war on the economy amid stalled peace talks. Spot gold was up 0.1% at $4,597.07 per ounce, as of 0243 GMT, after falling to its lowest level since April 2 in the previous session. US gold futures for June delivery were steady at $4,610.20
Oil prices rose on Wednesday, extending a multi-day rally, on reports the US will extend its blockade of Iranian ports, likely prolonging supply disruptions from the key Middle East producing region. US President Donald Trump has instructed aides to prepare for an extended blockade of Iran, the Wall Street Journal reported late on Tuesday, citing US officials. Trump will opt to continue t
The Power Division (PD) said on Wednesday that electricity generation had further improved due to the supply of local gas to some power plants. In a press release issued today, the PD said that on Tuesday night during peak hours, total hydropower generation remained at 6,000 megawatts, adding that the country’s total hydropower capacity was 11,500 megawatts. The spokesperson further said tha
Selling continued at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index shedding nearly 1,000 points during the opening minutes of trading on Tuesday. At 9:34am, the benchmark index was hovering at 168,507.59, down by 989.76 points or 0.58%. Selling was observed in key sectors, including automobile assemblers, cement, fertiliser, oil and gas exploration companies, OMCs and powe