Gulf Meeting Reviews Challenges of Economic Integration

Meeting of the Preparatory Committee of the GCC Economic and Development Affairs Authority in Salalah, Sultanate of Oman (Omani News)
Meeting of the Preparatory Committee of the GCC Economic and Development Affairs Authority in Salalah, Sultanate of Oman (Omani News)
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Gulf Meeting Reviews Challenges of Economic Integration

Meeting of the Preparatory Committee of the GCC Economic and Development Affairs Authority in Salalah, Sultanate of Oman (Omani News)
Meeting of the Preparatory Committee of the GCC Economic and Development Affairs Authority in Salalah, Sultanate of Oman (Omani News)

An economic gathering held in Salalah, in the Sultanate of Oman on Wednesday, discussed key challenges and opportunities in economic integration between the countries of the Gulf Cooperation Council.

The permanent ministerial preparatory committee of the GCC Economic and Development Affairs Authority held its fifth meeting to review the decisions issued by the GCC Supreme Council in its 43rd session, which was held in December 2022, on achieving economic unity.

Omani Minister of Economy Said bin Mohammed Al-Saqri said that intra-regional exports in the GCC countries rose by 13.4 percent to reach $83.4 billion in 2021, compared to $73.5 billion in 2020.

Al-Saqri, who chaired the meeting, pointed to the ongoing efforts to develop cooperation, coordination and integration among member states, stressing that the economies of the GCC countries witnessed further improvement and recovery and were able to contain the inflationary pressures that worsened around the world during the year 2022.

The meeting discussed the latest developments in the action plan for building the Gulf economic model and its mechanism, and the proposed timetable for its implementation.

Meeting of the Gulf Trade and Industry Undersecretaries

Also on Wednesday, Salalah hosted the 57th preparatory meeting of the undersecretaries of the ministries of commerce, and the 43rd preparatory meeting of the undersecretaries of the ministries of industry for the Gulf Cooperation Council countries, headed by Dr. Saleh bin Said Masan, Undersecretary of the Omani Ministry of Commerce, Industry and Investment Promotion for Trade and Industry.

Participants discussed the main challenges facing intra-trade between the GCC countries and reviewed developments in trade laws, as well as the means to facilitate trade exchange.

The undersecretaries of the GCC ministries of industry focused on finding a unified definition for the Gulf national product and its standards, and the executive regulations for the Unified Industrial Regulation Law system, in addition to addressing the challenges facing the sector.



Gold Holds Ground as Investors Eye US Payrolls Report

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 Holds Ground as Investors Eye US Payrolls Report

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 held steady on Thursday as investors awaited US non-farm payrolls data due on Friday to assess the Federal Reserve's interest rate path, while global trade tensions continued to simmer.

Spot gold was steady at $3,373.69 an ounce, as of 0843 GMT. US gold futures were down 0.1% to $3,397.20.

"I would say that the path of least resistance remains to the upside, despite today's sort of flat mode for gold trading. But I think this is more due to traders being in wait-and-see mode ahead of non-farm payrolls," said Ricardo Evangelista, senior analyst at brokerage firm ActivTrades.

Wednesday's ADP National Employment Report revealed US private payrolls increased far less than expected in May. The more comprehensive non-farm payrolls report on Friday is expected to show that non-farm payrolls increased by 130,000 jobs in May after advancing by 177,000 in April, according to a Reuters survey of economists.

US President Donald Trump on Wednesday called for Fed Chair Jerome Powell to lower interest rates.

"I think that a weakening in the US labor market will increase bets on a dovish Fed, so on the Fed cutting interest rates, (which) would be positive for gold," Evangelista added.

Gold, a safe-haven asset during times of political and economic uncertainty, tends to thrive in a low-interest-rate environment.

Trump described China's Xi Jinping as "tough" and "extremely hard to make a deal with" in a social media post, dampening hopes for a swift end to trade tensions. Meanwhile, his doubling of tariffs on steel and aluminium imports took effect on Wednesday.

"We stick to our price targets of USD 3,350 and USD 3,500 in 3 and 12 months time, reflecting first and foremost continued central bank buying as well as sound demand from safe-haven seekers," said Carsten Menke, analyst at Julius Baer.

Elsewhere, spot silver fell 0.6% to $34.74 an ounce, but hit its highest level since October 2012. Platinum rose 3.6% to $1,123.15, its highest level since April 2023, and palladium was up 1.7% at $1,017.37.