Gulf Countries to Complete Railway Project

GCC Secretary-General Jassim al-Budaiwi speaks at the Middle East Rail Exhibition and Conference in Abu Dhabi. (GCC)
GCC Secretary-General Jassim al-Budaiwi speaks at the Middle East Rail Exhibition and Conference in Abu Dhabi. (GCC)
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Gulf Countries to Complete Railway Project

GCC Secretary-General Jassim al-Budaiwi speaks at the Middle East Rail Exhibition and Conference in Abu Dhabi. (GCC)
GCC Secretary-General Jassim al-Budaiwi speaks at the Middle East Rail Exhibition and Conference in Abu Dhabi. (GCC)

The Gulf Cooperation Council (GCC) countries, the GCC Secretariat General, and the GCC Rail Authority are continuing to finalize the completion stages of the railway linking the GCC countries, announced GCC Secretary-General Jassim al-Budaiwi.

Budaiwi thanked and congratulated the United Arab Emirates on completing the railway construction within its territory and extending it to the border with Saudi Arabia.

Speaking at the Abu Dhabi Middle East Rail Exhibition and Conference, he underlined the keenness of Gulf leaders to support the process of joint Gulf action to enhance cooperation to reach the desired integration in all fields.

GCC states have taken thoughtful steps to coordinate and unify their policies and strategies, aiming to crystallize an applicable collective action framework that meets the ambitions and aspirations of their people, he added.

Budaiwi affirmed that the GCC states have been able to complete several strategic integration projects.

He stressed that the efforts of the General Secretariat, the GCC Rail Authority, and member states to complete the railway project represent a significant step in the joint Gulf interdependence and integration given its direct positive impact on trade and the free mobility of citizens and residents of the Gulf.

The project also supports joint investments between the member states and strengthens Gulf economic integration and its impact on the global economy.

Budaiwi remarked that the member states, the General Secretariat, and the Gulf Rail Authority are following up on the implementation of the GCC railway project and some member states have already completed building parts of the project within their territories.



Gold Edges Up on Weak US Dollar, Political Uncertainty

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. - Reuters
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. - Reuters
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Gold Edges Up on Weak US Dollar, Political Uncertainty

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. - Reuters
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. - Reuters

Gold prices edged higher on Wednesday, aided by a weaker US dollar and political uncertainty following the latest import tariffs announced by US President Donald Trump.

Spot gold firmed 0.1% $2,918.83 an ounce as of 0955 GMT after rising nearly 1% on Tuesday. Prices hit a record high of $2,956.15 on February 24 and have gained 11% so far this year.

US gold futures rose 0.3% to $2,929.70.

"Uncertainty is food and water for gold and hence the bias on prices is to the upside," independent analyst Ross Norman said, Reuters reported.

"Gold looks content to consolidate after recent gains, but with one eye firmly on the $3,000 level."

The dollar index dropped to a three-month low, making bullion more appealing to other currency holders.

In an address to Congress, Trump said further tariffs would follow on April 2, including "reciprocal tariffs" and non-tariff actions aimed at balancing out years of trade imbalances. This came just after he followed through on new 25% tariffs on imports from Mexico and Canada that took effect on Tuesday, along with a doubling of duties on Chinese goods to 20%.

Meanwhile, top bullion consumer China unlocked more fiscal stimulus, promising greater efforts to support consumption and cushion the impact of an escalating trade war with the United States.

Markets now await the ADP employment report due at 1315 GMT and US nonfarm payrolls on Friday for cues on the US interest rate trajectory.

"Geopolitical events and tariffs are currently overshadowing economic data... Significant deviations from market expectations would be needed to create meaningful movement, and any reaction to this week’s ADP and payrolls data is likely to be short-lived," said Zain Vawda, market analyst at MarketPulse by OANDA.

Spot silver advanced 1% to $32.32 an ounce, platinum gained 1% to $970.20, and palladium added 1% to $951.50.