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ICIEC, SAPICO Announce Strategic Partnership to Boost Trade, Investment Opportunities

SPA
SPA
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20
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ICIEC, SAPICO Announce Strategic Partnership to Boost Trade, Investment Opportunities

SPA
SPA

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Saudi Pak Industrial and Agricultural Investment Company Limited (SAPICO) signed a memorandum of understanding on cooperation, in a move bound to foster collaboration and bolster trade and investment flows.

ICIEC CEO Oussama Kaissi and SAPICO CEO Rizwan Ahmed signed the MoU, setting the stage for a strategic partnership that aims to facilitate trade and investment initiatives within the SAPICO joint venture, SPA reported.

"This MoU is a testament to our dedication to bolstering trade and investment between our member states Saudi Arabia and Pakistan," said Kaissi.

"By consolidating our resources, expertise and strengths, we set the stage for enhanced trade and investment avenues with the potential to bring about significant positive transformations to both economies. Our alliance with SAPICO is a source of great enthusiasm, and our resolve to achieve shared success in our collaborative efforts is steadfast."

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Gold Falls as Easing US-China Tensions Curb Safe-haven Demand

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
TT
20
TT

Gold Falls as Easing US-China Tensions Curb Safe-haven Demand

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo

Gold retreated on Monday as easing US-China trade tensions boosted investors' risk appetite and dented demand for safe-haven assets such as bullion, while a stronger dollar also piled on the pressure.

Spot gold was down 0.8% at $3,292.43 an ounce, as of 0431 GMT. Bullion hit a record high of $3,500.05 on April 22.

US gold futures rose 0.2% to $3,303.70.

The dollar rose 0.2% against a basket of currencies, making bullion more expensive for overseas buyers, Reuters reported.

"It's probably fair to say that financial markets and risk-assets in particular are feeling slightly better about the tariff picture now compared to the frantic first week in April," KCM Trade Chief Market Analyst Tim Waterer said.

"Comments last week from the White House have fueled optimism that a US-China trade deal may eventuate, which has caused safe-haven demand for assets such as gold to subside."

US President Donald Trump has said talks on tariffs were taking place with China.

The Trump administration signaled openness last week to de-escalating a trade war between the world's two largest economies that has raised fears of recession.

On Friday, China exempted some US imports from its steep tariffs, though China quickly knocked down Trump's assertion that negotiations were underway.

Gold, traditionally seen as a hedge against economic and political uncertainties, thrives in a low interest rate environment.

Meanwhile, many participants in the International Monetary Fund and World Bank Spring Meetings said Trump's administration was still conflicted in its demands from trading partners hit with his sweeping tariffs.

Key data releases this week include the US job openings report on Tuesday, Personal Consumption Expenditures on Wednesday, and the non-farm payrolls report on Friday. These reports may provide more insight into the Federal Reserve's monetary policy outlook.

Spot silver dropped 0.6% to $32.88 an ounce, platinum eased 0.2% at $969.73 and palladium lost 0.6% to $943.28.