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GCC Says All Elements of Cooperation Available to Deepen Economic Ties with Georgia

Gulf Cooperation Council Secretary General Jasem Mohamed Albudaiwi. GCC
Gulf Cooperation Council Secretary General Jasem Mohamed Albudaiwi. GCC
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GCC Says All Elements of Cooperation Available to Deepen Economic Ties with Georgia

Gulf Cooperation Council Secretary General Jasem Mohamed Albudaiwi. GCC
Gulf Cooperation Council Secretary General Jasem Mohamed Albudaiwi. GCC

Gulf Cooperation Council Secretary General Jasem Mohamed Albudaiwi affirmed that all elements of cooperation are available to deepen the economic and trade relations between the GCC countries and Georgia, paving the way for the signing of a free-trade agreement between the two sides.

His remarks came during a meeting with Georgia’s Deputy Prime Minister and Minister of Economy and Sustainable Development Levan Davitashvili on the sidelines of the 4th Tbilisi Silk Road Forum, held on Thursday in Tbilisi.

The secretary general stated that during the meeting, ways to develop the economic and commercial relations between the GCC countries and Georgia were discussed.

Davitashvili pointed out the noticeable development in Georgian-GCC relations over the past two years, expressing his wishes for further progress in all fields.

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Gold Prices Climb on Safe-Haven Demand; US Payrolls Data in Focus

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Prices Climb on Safe-Haven Demand; US Payrolls Data in Focus

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices climbed on Friday, supported by safe-haven demand arising from the Middle East conflict, while spotlight shifted towards US payrolls report to gauge the trajectory of the Federal Reserve's policy path.
Spot gold was up 0.3% at $2,662.50 per ounce, as of 0325 GMT, after climbing to an all-time high of $2,685.42 on Sept. 26. Bullion has gained 0.2 for the week.
US gold futures edged 0.1% higher to $2,682.10.
The dollar eased 0.1%, pulling back from over a one-month high, making greenback-priced bullion less expensive for other currency holders, reported Reuters.
Geopolitical tensions, particularly concerning Israel and Iran, are supporting gold prices and unless these risks subside, prices are likely to remain near record levels, said Ajay Kedia, director at Kedia Commodities, Mumbai.
The US is discussing strikes on Iran's oil facilities as retaliation for Tehran's missile attack on Israel, President Joe Biden said, while Israel's military hit Beirut with new air strikes in its battle against Lebanese armed group Hezbollah.
Bullion is considered a safe investment during times of political and financial uncertainty, and thrives in a low-rate environment.
The US nonfarm payroll data is due at 1230 GMT. New York Fed President John Williams and Chicago Fed President Austan are also scheduled to speak later in the day.
If the NFP report comes in strong, it will be positive for the dollar and then gold prices will see some profit-booking, Kedia added.
Traders see a 69% chance of a 25-basis-point Fed rate cut in November, according to CME FedWatch Tool.
BMI said in a note it expects gold prices to trade within the range of $2,500 to $2,800 in the coming months.
Spot silver rose 0.4% to $32.17 per ounce and has gained about 1.8% so far this week.
Platinum climbed 1.1% to $1,001.79 and palladium advanced 1.4% to $1,013.46.