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Saudi Arabia, Türkiye Strengthen Collaboration in Agriculture and Water Management

The MoU was signed in Riyadh. SPA
The MoU was signed in Riyadh. SPA
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Saudi Arabia, Türkiye Strengthen Collaboration in Agriculture and Water Management

The MoU was signed in Riyadh. SPA
The MoU was signed in Riyadh. SPA

The Saudi Minister of Environment, Water and Agriculture, Eng. Abdurrahman bin Abdul Mohsen Al-Fadhli, has signed a memorandum of understanding (MoU) with Turkish Minister of Agriculture and Forestry İbrahim Yumaklı to strengthen cooperation and enhance production capabilities in agriculture, livestock, and water management.

During Sunday's signing ceremony of the MoU in Riyadh, the two parties expressed their commitment to preparing the agricultural sector in both countries for climate change.

They also pledged to introduce technologies in agriculture and crop production, develop the livestock sector, and strengthen plant and animal health, including their protection and safeguarding.

As per the MoU, the two parties will collaborate on the advancement of biotechnology, organic agriculture, fisheries, aquaculture, and the formulation of quality policies in the agricultural sector. Additionally, the agreement covers cooperation in agricultural water management, monitoring water pollution from agricultural activities, and optimizing water usage in agriculture.

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Gold Slips More Than 1% as China Considers US Tariff Exemption

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
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20
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Gold Slips More Than 1% as China Considers US Tariff Exemption

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo

Gold prices lost more than 1% on Friday and were heading for a weekly fall on signals of a potential de-escalation in the US-China trade war, including news that China was weighing tariff exemptions for some US goods.

Spot gold fell 1.5% to $3,299.69 an ounce as of 0830 GMT. US gold futures shed 1.1% to $3,310.20.

"Gold is facing challenges in sustaining upward momentum as optimism around a potential US-China trade agreement grows," said Zain Vawda, an analyst at MarketPulse by OANDA.

The dollar jumped reversing losses from the prior day while European shares rose after a media report that China was weighing tariff exemptions for some US goods, stoking hopes for a de-escalation in a spiraling trade war between the world's two largest economies.

A higher dollar makes the bullion more expensive for overseas buyers.

"A US-China trade agreement could push gold down toward $3,000/oz or lower, depending on other influencing factors," Vawda said.

US President Donald Trump asserted that trade talks with China are underway, pushing back against Chinese claims that no discussions have taken place to ease the ongoing trade war.

Gold, traditionally seen as a hedge against geopolitical and economic uncertainties has gained nearly 26% so far this year. It also touched a record high of $3,500.05 on Tuesday.

Meanwhile, Federal Reserve officials indicated they saw no urgency in revising the monetary policy as they sought more information to determine how the Trump administration's tariffs were affecting the economy.

Non-yielding bullion tends to thrive in a low interest rate environment.

"Now that the market's corrected it will be a good indicator if buying picks up in India," said Ross Norman, an independent analyst.

Spot silver fell 0.6% to $33.36 an ounce, platinum dropped 1.2% at $958.89 and palladium fell 1.6% to $938.78.

Silver was headed for a weekly gain while the other two metals were seen falling for the week.