Saudi Arabia's Inflation Relatively Stable in August

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
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Saudi Arabia's Inflation Relatively Stable in August

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

The Consumer Price Index (CPI) reached 2.0% in August 2023, down from July, remaining relatively stable on a yearly basis.

This stability is due to the robustness of the Saudi economy and the economic measures taken by Saudi Arabia to counter global inflation rates.

Inflation rates in Saudi Arabia remain stable compared to G20 countries and most countries worldwide.

In August 2023, the inflation rate showed relative stability at 2.0% compared to August 2022.

The CPI measures consumers' prices for a fixed basket of goods and services consisting of 490 items. The respective prices are collected through field visits to points of sale.



Gold Retreats from Near Four-week High as Dollar Gains; Investors Stay Cautious

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
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Gold Retreats from Near Four-week High as Dollar Gains; Investors Stay Cautious

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 pulled back on Tuesday after nearing a four-week high earlier in the session, as a rebound in the dollar and profit-taking added pressure, while investors remained cautious amid ever-changing US trade policies.

Spot gold fell 0.7% to $3,356.75 an ounce as of 1125 GMT, after hitting its highest since May 8 earlier in the session. US gold futures eased 0.5% to $3,381.30.

The dollar rose from an over-a-month low hit earlier in the session, making gold costlier for foreign buyers.

"Today, the dollar trades a tad stronger ahead of key US economic data and these developments are the main reason why we are seeing some light profit following yesterday’s strong gain," said Ole Hansen, head of commodity strategy at Saxo Bank.

Investors will be closely watching a likely call this week between US President Donald Trump and Chinese leader Xi Jinping, just days after Trump accused China of breaching an agreement to reduce tariffs and trade restrictions.

The European Commission said on Monday it would push the US to reduce or eliminate tariffs, despite Trump's plan to double steel and aluminium duties to 50%.

Meanwhile, the Trump administration is urging countries to submit their best trade offers by Wednesday, aiming to accelerate talks ahead of a five-week deadline, according to a draft letter seen by Reuters.

The OECD said on Tuesday the global economy was on course to slow from 3.3% last year to 2.9% in 2025 and 2026, trimming March estimates for growth of 3.1% this year and 3.0% next year.

Investors' focus this week will also be on US non-farm payrolls due on Friday and speeches from a slew of Federal Reserve policymakers for clues on the interest rate trajectory.

Zero-yielding bullion tends to do well in a low-interest rate environment.

Spot silver fell 1.5% to $34.26 an ounce, platinum lost 0.6% to $1,056.70, while palladium was up 0.5% at $993.63.