Saudi Crown Prince, Indian PM Attend Saudi-Indian Strategic Partnership Council

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, and Prime Minister of India Narendra Modi meet on Monday. (SPA)
Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, and Prime Minister of India Narendra Modi meet on Monday. (SPA)
TT

Saudi Crown Prince, Indian PM Attend Saudi-Indian Strategic Partnership Council

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, and Prime Minister of India Narendra Modi meet on Monday. (SPA)
Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, and Prime Minister of India Narendra Modi meet on Monday. (SPA)

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, met on Monday with Prime Minister of India Narendra Modi at the Hyderabad House in New Delhi to discuss ties and cooperation in various fields, and to review regional and international topics of common interest.

At the Saudi-Indian Strategic Partnership Council that he later attended, Crown Prince Mohammed thanked the president for the warm welcome, highlighting the long-standing relationships India has with the Arab world, particularly with Saudi Arabia, and the cooperation that helps the two sides build a brighter future.

"There has been no dispute throughout this relationship's history, but certainly, there is cooperation to build the future for our countries and create opportunities," he said, hoping that the items and promising targets on the agenda of the Council will be brought to fruition through collaboration in all sectors.

The Crown Prince praised the Indian government for "managing the G20 file", and the initiatives adopted by the G20, "including the establishment of the economic corridor connecting India, the Middle East and Europe", many of which "have become a reality through our hard work and dedication".

He also commended the Indian community, which constitutes 7% of the population of Saudi Arabia, for its significant contribution to the economic growth of the Kingdom, saying that "we consider them a part of us. Through this council, we hope to meet the aspirations of our peoples."

For his part, Modi said he is looking forward to strengthening the partnership with Saudi Arabia in various fields.

Taking part in the Strategic Partnership Council's meeting were Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Interior Prince Abdulaziz bin Saud bin Naif bin Abdulaziz, Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah, Minister of State, member of Cabinet, and National Security Adviser Dr. Musaed bin Mohammed Al-Aiban, and Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi.

The meeting also included Minister of Environment, Water and Agriculture Eng. Abdulrahman Al-Fadley, Minister of Investment Eng. Khalid Al-Falih, Minister of Finance Mohammed Al-Jadaan, Minister of Communications and Information Technology Eng. Abdullah Al-Swaha, Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef, Advisor at the Royal Court Muhammad bin Mazyad Al-Tuwaijri, the Crown Prince's Secretary Dr. Bandar bin Obaid Al-Rasheed, and Saudi Ambassador to India Saleh bin Eid Al-Hussaini.



Gold on Track for Weekly Gain on Trump Uncertainty; US Jobs Report Awaited

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 on Track for Weekly Gain on Trump Uncertainty; US Jobs Report Awaited

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 inched higher on Friday as uncertainty around US President-elect Donald Trump's policies firmed demand for bullion, while investors awaited a key jobs report to assess the Federal Reserve's rate cut trajectory.
Spot gold edged 0.2% higher to $2,675.49 per ounce as of 0725 GMT. Bullion has gained more than 1% so far this week, set for its highest weekly jump since mid-November. US gold futures rose 0.3% to $2,698.30.
The US non-farm payrolls report is due at 1330 GMT. According to a Reuters survey, payrolls are expected to have increased by 160,000 in December, following a jump of 227,000 in November.
"We expect gold to drop a little in case the non-farm payroll report comes on a higher side," said Jigar Trivedi, senior analyst at Reliance Securities.
"Gold found support after a weaker-than-expected private employment report for December reinforced the notion that the Fed may need to adopt a less cautious approach to rate cuts," Trivedi said.
Kansas City Fed President Jeff Schmid on Thursday signaled a reluctance to cut rates again as the Fed faces a resilient economy and inflation that remains above its 2% target.
Trump's proposed tariffs and immigration policies may also prolong the fight against inflation.
Traders now expect the first Fed rate cut this year in either May or June, according to the CME FedWatch Tool.
Gold acts as a hedge against inflation, but higher interest rates reduce the appeal of holding the bullion.
Spot silver was up 0.3% to $30.2 per ounce and the COMEX contract was trading at $31.17, both near one-month peaks.
"Our view is that the incoming US administration will tailor economic and trade policy to promote national prosperity, and that silver will recover along with gold in the second half (of 2025) to $35 per ounce," Deutsche Bank said in a note.
Platinum shed 0.4% to $955.97 and palladium added 0.9% to $934.16. All three metals were also set for weekly gains.