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Saudi Arabia to Showcase Top Technologies at Defense Fair in Istanbul

The General Authority for Military Industries (GAMI) is scheduled to participate in the International Defense Industry Fair (IDEF 2023) in Türkiye.
The General Authority for Military Industries (GAMI) is scheduled to participate in the International Defense Industry Fair (IDEF 2023) in Türkiye.
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Saudi Arabia to Showcase Top Technologies at Defense Fair in Istanbul

The General Authority for Military Industries (GAMI) is scheduled to participate in the International Defense Industry Fair (IDEF 2023) in Türkiye.
The General Authority for Military Industries (GAMI) is scheduled to participate in the International Defense Industry Fair (IDEF 2023) in Türkiye.

The General Authority for Military Industries (GAMI) is scheduled to participate in the International Defense Industry Fair (IDEF 2023) in Türkiye, reported the Saudi Press Agency.

The event will be held between July 25 and 28 at the Tuyap Fair Convention and Congress Center in Istanbul.

GAMI’s involvement is part of the Saudi pavilion that includes several government agencies, major national institutions and companies specialized in the field of military, defense and security industries.

They include the Saudi Arabian Military Industries, National Company for Mechanical Systems, Saudi Chemical Company Limited, Intra Defense Technologies, ERAF Industrial Company, and the World Defense Show.

Saudi Arabia’s participation at the event aims to highlight the promising investment environment and opportunities in the sector by exploring cooperation with major regional and global companies.

Saudi companies are keen on concluding several strategic partnerships with investors interested in the defense and security industries sector.

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Gold Prices Hold Steady as Investors Await US Fed Policy Cues

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
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Gold Prices Hold Steady as Investors Await US Fed Policy Cues

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Gold prices remained steady on Wednesday, as investors awaited the US Federal Reserve's decision on interest rates due later in the day, while also focusing on US President Donald Trump's trade policies following his tariff threats.

Spot gold eased 0.2% to $2,758.49 per ounce by 09:55 a.m. ET (1455 GMT), while US gold futures rose 0.3% to $2,775.60, widening the premium over spot gold rates.

The Fed is scheduled to release its latest policy decision and statement at 2 p.m. EST (1900 GMT), with Fed Chair Jerome Powell due to hold a press conference half an hour later to elaborate on the meeting.

The US central bank is widely expected to hold interest rates steady as it awaits further inflation and jobs data and more clarity on the economic impact of Trump's policies before deciding whether to cut borrowing costs again.

"However, the Fed's commentary in regards to the potential for an interest rate cut in the March meeting is going to be in focus," said David Meger, director of metals trading at High Ridge Futures.

Gold prices neared all-time highs last week after Trump called for lower interest rates. Bullion tends to thrive in a low-interest-rate environment as it yields no interest.

Prices, however, retreated sharply on Monday as a sell-off in technology stocks, driven by Chinese AI model DeepSeek, sparked a rush to liquidate bullion to counter losses, according to Reuters.

The sell-off in the stock market seen on Monday may not be over and the unpredictability of Trump's policies is contributing to an increased demand for gold as a safe-haven, said Jim Wyckoff, a senior market analyst at Kitco Metals.

Trump still plans to make good on his promise to issue tariffs on Canada and Mexico, and his policies are widely seen as inflationary.

Elsewhere, spot silver gained 1.7% to $30.92 per ounce, platinum also added 0.5% to $946.45. Palladium was up 0.8% to $962.50.