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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)
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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.

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FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
TT
TT

Gold Pulls Back from Near 3-month High as Dollar Regains Strength

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices eased on Thursday from a near three-month peak hit in the previous session, as the dollar regained strength, while investors awaited further direction from US President Donald Trump's administration regarding trade policies.
Spot gold eased 0.1% to $2,751.99 per ounce by 0552 GMT. Prices rose to $2,763.43 on Wednesday, their highest since Oct. 31 when they hit a record high of $2,790.15.
US gold futures shed 0.4% to $2,760.20.
"It's just a technical pullback because the dollar has been taking back on $108 level, triggering some profit-booking, but the undertone for gold is expected to be positive," said Ajay Kedia, director at Kedia Commodities in Mumbai.
Trump has mooted levies of around 25% on Mexico and Canada and 10% tariff on China from Feb. 1. He also promised duties on European imports, without elaborating further.
"How Trump's policies impact gold is whether the combination of tax cuts, deregulation, tariffs, and deportation will amount to a strong inflationary push," said Ilya Spivak, head of global macro at Tastylive.
"If so, Fed rate cuts will be limited and gold is likely to struggle."
According to Reuters technical analyst Wang Tao, gold might have to face resistance at $2,759, which could trigger a correction.
The Federal Reserve is meeting next week against a backdrop of continued economic growth and declining inflation, but faces uncertainties from Trump's proposed policies that analysts see as inflationary.
The US central bank is expected to hold its benchmark interest rate steady at its next policy meeting on Jan. 28-29. Higher interest rates dampen the appeal of non-yielding gold.
European Central Bank policymakers lined up behind further rate cuts, while the Bank of Japan is widely expected to raise rates on Friday.
Spot silver dropped 0.5% to $30.63 per ounce, while platinum shed 0.2% to $944 and palladium dipped 0.7% to $970.55.