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Gold climbs to record high as tariff worries bolster safe-haven demand

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Gold’s record run extended to another all-time high on Tuesday, buoyed by safe-haven demand as investors brace for U.S. President Donald Trump’s planned announcement on reciprocal tariffs.

Spot gold was up 0.3% at $3,131.56 an ounce at 0914 GMT, after hitting a record high of $3,148.88 earlier, Reuters reported.

U.S. gold futures were 0.3% higher at $3,159.10.

“Trump’s tariff comments and his increasingly volatile stance on Russia’s war against Ukraine are proving the perfect chaos for new record gold prices,” surpassing even the COVID pandemic five years ago, said Adrian Ash, head of research at online marketplace BullionVault.

Trump said on Sunday his reciprocal tariffs to be announced on Wednesday would include all countries, rather than a limited number.

Goldman Sachs on Monday raised the probability of a U.S. recession to 35% from 20% and said it expected more rate cuts by the Federal Reserve, as Trump’s tariffs roil the global economy and upend financial markets.

Gold, traditionally seen as a hedge against uncertainty and inflation, has risen more than 15% this year. Non-yielding bullion also tends to do well in a low interest rate environment.

“The market is watching April 2 closely for further economic indicators that could impact Federal Reserve policy decisions. If rate cuts are confirmed, this would provide additional support for gold’s upward trajectory,” said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany.

Bullion’s rally this year has also been supported by strong demand from central banks, geopolitical instability in the Middle East and Europe, and increased flows into gold-backed exchange-traded funds.

In the last session, gold closed out its strongest quarter since 1986, and climbed over $3,100/oz, marking one of the most significant upswings in the precious metal’s history.

Investors will also monitor U.S. job openings data later on Tuesday and the U.S. non-farm payrolls report on Friday.

Silver steadied at $34.06 an ounce, platinum fell 0.4% to $988.35, and palladium gained 0.3% to $985.86.

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Pakistan’s kinno exports falter as tensions with Afghanistan continue

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Pakistan’s kinno exports remain far below potential as regional tensions, high freight costs and weak government support continue to choke the citrus trade.

Despite being a leading global citrus producer, Pakistan is expected to export just 400,000–450,000 tonnes of kinno in the 2025–26 season, compared with an estimated capacity of 700,000–800,000 tonnes.

Exports in 2024–25 stood at around 350,000–400,000 tonnes, mainly to Russia, the UAE, Saudi Arabia, Afghanistan, Indonesia and Central Asia. While better fruit quality this season has raised hopes, persistent crossing disruptions—especially with Afghanistan—and transport bottlenecks have offset gains.

Growers say prices have collapsed sharply, forcing panic sales. Rates for large kinno have fallen from over Rs120 per kg early in the season to as low as Rs75, while smaller fruit is selling for Rs35–40 per kg amid weak demand.

Industry leaders warn the crisis is crippling processing units and jobs. More than 100 factories reportedly failed to open this season, with dozens more shutting down as exports stall. Cold storages in Sargodha are nearly full, putting fruit worth millions of dollars at risk of spoilage, while growers fear losses of up to Rs10 billion.

Exporters are urging the government to urgently resolve issues, subsidise logistics, and help access alternative markets, warning that prolonged inaction could devastate farmers, workers and the wider economy.

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Pezeshkian pledges to facilitate Iran-Afghanistan trade

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Iranian President Masoud Pezeshkian has said that Tehran will facilitate trade and economic exchanges with Afghanistan, including easing procedures at customs and local marketplaces.

He made the remarks during a televised interview following his visit to South Khorasan province, which shares a border with Afghanistan.

Pezeshkian, in a separate event addressing local business leaders, highlighted the province’s strategic advantages, citing its rich mineral resources, proximity to neighboring countries such as Afghanistan and Pakistan, and access to the ocean via the Chabahar port. He described the region as “a golden opportunity not found everywhere,” emphasizing its potential for economic growth and cross-border commerce.

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Afghanistan-Kazakhstan banking ties discussed in Kabul meeting

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A Kazakh delegation led by the Deputy Minister of Finance of Kazakhstan met with Sediqullah Khalid, First Deputy Governor of Da Afghanistan Bank, to discuss ways of strengthening banking and economic cooperation between the two countries.

According to a statement issued by Da Afghanistan Bank, Khalid said the central bank is keen to establish regular and effective banking relations with Kazakhstan as part of broader efforts to expand bilateral trade.

He noted that enhanced banking cooperation would help facilitate trade, investment, and wider economic interaction between Afghanistan and Kazakhstan, while also contributing to financial stability at the regional level.

Members of the Kazakh delegation also emphasized the importance of developing banking and economic ties and expressed their readiness to expand joint cooperation.

The two sides further agreed to establish technical committees from both countries to hold expert-level discussions and advance practical steps for cooperation.

 
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