COMMODITIES (B-Trams):After the Federal Reserve loosened up its aggressive approach to controlling inflation, gold prices increased.
In spite of the recent turmoil in the financial markets, the Federal Reserve raised interest rates by a quarter of a percentage point. However, it indicated that it was on the verge of halting further increases in borrowing costs.Read more.
In late March, gold prices reached near $2,000 per ounce, the highest level in a year. They were on track for a fourth week in a row of gains, supported by concerns about the banking crisis and a new flight to safety.
As its credit default swaps surged to their highest level since they were introduced in 2019, Deutsche Bank announced that it would redeem $1.5 billion in a set of tier 2 notes due in 2028. Bloomberg reported at the same time that a US Justice Department investigation into whether financial professionals assisted Russian oligarchs in evading sanctions is looking into UBS and Credit Suisse.
Yellen, the secretary of the Treasury, said on Thursday that the government is ready to take additional measures to protect deposits if they are required. As was widely anticipated, the US central bank raised its funds rate by 25 basis points this week. However, the policy report and Summary of Economic Projections took a dovish tone.
While In Pakistan today saw a spike in gold prices due to increased seasonal demand for the safe-haven metal during Ramadan, which coincides with the wedding season. Click on the link below to see gold price at national level.