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Saudi Arabia, Austria Discuss Boosting Economic Cooperation

The Saudi Minister of Economy and Planning has held talks with Austria’s Minister of Labor and Economy. SPA
The Saudi Minister of Economy and Planning has held talks with Austria’s Minister of Labor and Economy. SPA
TT
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Saudi Arabia, Austria Discuss Boosting Economic Cooperation

The Saudi Minister of Economy and Planning has held talks with Austria’s Minister of Labor and Economy. SPA
The Saudi Minister of Economy and Planning has held talks with Austria’s Minister of Labor and Economy. SPA

The Saudi Minister of Economy and Planning, Faisal bin Fadhil Alibrahim, has held talks with Austria’s Minister of Labor and Economy Dr. Martin Kocher on ways to enhance economic cooperation between the Kingdom and Austria.

Representatives from the public sector attended on Wednesday the meeting that took place during Alibrahim’s official visit to Austria.

During the visit, the Saudi Minister of Economy and Planning also participated in a roundtable discussion with the Federation of Austrian Industries.

Representing over 80% of manufacturers in Austria, the forum provided an excellent opportunity for fruitful dialogue.

In his remarks at the roundtable, Alibrahim stressed the importance of unlocking opportunities of mutual benefits to the two countries through collaboration in industry, trade and investment, and the importance of private sector partnerships.

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Gold Steady as Inflation Data Sparks Caution over Fed Rate Outlook

Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Steady as Inflation Data Sparks Caution over Fed Rate Outlook

Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices held steady on Thursday as investors assessed a wave of economic data indicating persistent US inflation, hinting that the Federal Reserve may proceed cautiously with further interest rate cuts.
Spot gold held its ground at $2,637.78 per ounce, as of 0739 GMT.
US gold futures edged 0.1% lower to $2,637.30.
The market is focusing on the Fed's rate cuts, with the latest core Personal Consumption Expenditures (PCE) data suggesting slowing inflation, leading to expectations that the Fed's policy next year might be less dovish than previously projected, said Kelvin Wong, OANDA's senior market analyst for Asia Pacific.
The Fed's struggle to bring inflation back to its 2% target, combined with the possibility of higher tariffs under the upcoming Trump administration may constrain the central bank's ability to implement rate cuts next year.
Markets now see a 68.2% chance of a quarter-point rate cut in December, as per the CME group's FedWatch tool.
Elsewhere, Mexican President Claudia Sheinbaum warned of retaliation if Trump enforces a 25% tariff, citing potential US job losses and higher consumer prices.
Gold is regarded as a safe-haven investment during periods of economic or geopolitical instability, including trade wars.
Trading is expected to be thin with US markets closed on Thursday for the Thanksgiving holiday.
In the short term, particularly over the next few days to two weeks, gold could come under further pressure, Wong said, adding the longer-term bullish trend for gold, however, remains intact.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.10% to 878.55 metric tons on Wednesday.
Spot silver fell 0.8% to $29.84 per ounce, platinum edged 0.1% higher to $928.10 and palladium added 0.6% to $978.05.