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Brazilian-Saudi Investment Forum Witnesses Signing of 25 MoUs in Various Fields

The forum included presentations on Invest Saudi, a program that aims to promote investment opportunities in Saudi Arabia to the world. (SPA)
The forum included presentations on Invest Saudi, a program that aims to promote investment opportunities in Saudi Arabia to the world. (SPA)
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Brazilian-Saudi Investment Forum Witnesses Signing of 25 MoUs in Various Fields

The forum included presentations on Invest Saudi, a program that aims to promote investment opportunities in Saudi Arabia to the world. (SPA)
The forum included presentations on Invest Saudi, a program that aims to promote investment opportunities in Saudi Arabia to the world. (SPA)

The Saudi Ministry of Investment organized on Monday in Sao Paulo the Brazilian-Saudi Investment Forum, which saw the signing of many memoranda of understanding (MoUs) in various fields, SPA said.
The 25 MoUs covered the fields of petrochemicals, healthcare, defense, food, real estate, tourism, water desalination and treatment, and agriculture.
Attending the Forum were Brazil’s Vice President and Minister of Development, Industry, Trade, and Services Geraldo Alckmin; Saudi Minister of Investment Eng. Khalid bin Abdulaziz Al-Falih; Mayor of Sao Paulo Ricardo Nunes; Saudi Ambassador to Brazil Faisal bin Ibrahim Ghulam; President of the Federation of Industries of the State of Sao Paulo Josue Gomes; and a number of government officials, CEOs of major companies as well as representatives of the private sector from both countries.
The Forum constituted a significant opportunity for Saudi and Brazilian companies to exchange expertise, explore collaboration and partnership prospects and discover the investment opportunities available in the two countries.
The Forum also saw presentations about the “INVEST SAUDI” initiative, investment in the Kingdom’s economic zones, Riyadh Expo 2030, investment opportunities in Brazil and the investment environment in Sao Paulo.
Additionally, dialogue sessions were held during the Forum, covering the sectors of transportation, logistics services, mining, food industries, agriculture, healthcare, sports, and entertainment.

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Gold Hits Four-week Peak on Safe-haven Demand

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
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Gold Hits Four-week Peak on Safe-haven Demand

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold prices rose to a near four-week high on Thursday, supported by safe-haven demand, while investors weighed how US President-elect Donald Trump's policies would impact the economy and inflation.

Spot gold inched up 0.4% to $2,672.18 per ounce, as of 0918 a.m. ET (1418 GMT). US gold futures rose 0.7% to $2,691.80.

"Safe-haven demand is modestly supporting gold, offsetting downside pressure coming from a stronger dollar and higher rates," UBS analyst Giovanni Staunovo said.

The dollar index hovered near a one-week high, making gold less appealing for holders of other currencies, while the benchmark 10-year Treasury yield stayed near eight-month peaks, Reuters reported.

"Market uncertainty is likely to persist with the upcoming inauguration of Donald Trump as the next US president," Staunovo said.

Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries, CNN reported on Wednesday, citing sources familiar with the matter.

Trump will take office on Jan. 20 and his proposed tariffs could potentially ignite trade wars and inflation. In such a scenario, gold, considered a hedge against inflation, is likely to perform well.

Investors' focus now shifts to Friday's US nonfarm payrolls due at 08:30 a.m. ET for further clarity on the Federal Reserve's interest rate path.

Non-farm payrolls likely rose by 160,000 jobs in December after surging by 227,000 in November, a Reuters survey showed.

Gold hit a near four-week high on Wednesday after a weaker-than-expected US private employment report hinted that the Fed may be less cautious about easing rates this year.

However, minutes of the Fed's December policy meeting showed officials' concern that Trump's proposed tariffs and immigration policies may prolong the fight against rising prices.

High rates reduce the non-yielding asset's appeal.

The World Gold Council on Wednesday said physically-backed gold exchange-traded funds registered their first inflow in four years.

Spot silver rose 0.7% to $30.32 per ounce, platinum fell 0.8% to $948.55 and palladium shed 1.4% to $915.75.