Arab Labor Conference to Discuss Repercussions of Int’l Crises

A general view of banks, hotels, office and residential buildings in the center of Cairo, Egypt, September 13, 2018. (Reuters)
A general view of banks, hotels, office and residential buildings in the center of Cairo, Egypt, September 13, 2018. (Reuters)
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Arab Labor Conference to Discuss Repercussions of Int’l Crises

A general view of banks, hotels, office and residential buildings in the center of Cairo, Egypt, September 13, 2018. (Reuters)
A general view of banks, hotels, office and residential buildings in the center of Cairo, Egypt, September 13, 2018. (Reuters)

The 49th Arab Labor Conference (ALC) will be held in Cairo on Monday and discuss the repercussions of international crises on the region.

The conference will be held under the auspices of Egyptian President Abdel Fattah al-Sisi and will be chaired by Mauritania. Twenty-one Arab countries are expected to take part in the event that will run until May 29.

The Arab Labor Organization (ALO) said on Friday that Arab countries are facing unprecedented challenges due to the health, social, and economic crises, as well as the consequences of the Russian-Ukrainian crisis.

The ALO stressed the need for reinforcing social dialogue mechanisms that pave the way for recovery.

The agenda of the ALC will tackle means to reinforce social dialogue on the national level to enable economies and communities to confront crises and curtail their impact to achieve sustainable development goals.

The ALO said on Friday that the conference will tackle new work patterns and policies of education and vocational and technical training amid the digital transformation, reported the Middle East News Agency.

The 48th ALC was held in September. It tackled artificial intelligence, new work patterns, digitization of the social protection systems, and the opportunities that are offered by modern technology in enhancing work conditions and relations.

The 47th ALC was held in September 2021 and discussed encouraging entrepreneurship and small projects and backing the efforts toward sustainable development and empowerment, innovation reinforcement, and digital transformation.



Gold Hastens Retreat as Dollar Rallies on Trump Victory

FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
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Gold Hastens Retreat as Dollar Rallies on Trump Victory

FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa

Gold prices slid more than 3% to a three-week low on Wednesday as investors piled into the US dollar after Republican Donald Trump was elected US president.

Market participants were also looking ahead to the Federal Reserve's interest rate decision on Thursday for further clues on the bank's easing cycle that had helped gold's stunning rally to successive record highs this year.

Spot gold slipped 2.9% to $2,662.99 per ounce, as of 10:10 a.m. ET (1510 GMT), after hitting a three-week low of $2,652.19. The metal was on track to post its biggest daily loss in five months, Reuters reported.

US gold futures shed 3% to $2,668.2.

"A clear presidential victory when the market has been pricing in a contested result, removal of an element of risk, Trump-trades include the dollar's strengthening this morning and the combination of the two has brought gold lower," said StoneX analyst Rhona O'Connell.

Donald Trump recaptured the White House by securing more than the 270 Electoral College votes needed to win the presidency, Edison Research projected.

Investors believe Trump's presidency will bolster the dollar, causing the Federal Reserve pause in its easing cycle if inflation takes off after expected new tariffs.

The dollar index hit a four-month high, making bullion more expensive for overseas buyers.

"Gold will be torn between the risk of rising inflation, potentially slowing the pace of US rate cuts, as tariffs are rolled out," said Ole Hansen, head of commodity strategy at Saxo Bank.

"The FOMC will likely still cut on Thursday but the subsequent language will be studied closely for signs of a pause."

Investors widely expect the Fed to announce a quarter-point rate cut after 50 bps reduction in September.

Commodities from oil and gas to metals and grains dropped as the dollar rallied.

Spot silver fell 4.9% to $31.03 per ounce. Platinum shed 2.8% to $971.7 and palladium was down 3.7% to $1,035.5. All three metals hit their lowest levels in three-weeks.