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Saudi Arabia Selected as IMFC Chair

The International Monetary Fund announced on Wednesday that the Kingdom of Saudi Arabia has been selected to Chair the International Monetary and Financial Committee (IMFC). (SPA)
The International Monetary Fund announced on Wednesday that the Kingdom of Saudi Arabia has been selected to Chair the International Monetary and Financial Committee (IMFC). (SPA)
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Saudi Arabia Selected as IMFC Chair

The International Monetary Fund announced on Wednesday that the Kingdom of Saudi Arabia has been selected to Chair the International Monetary and Financial Committee (IMFC). (SPA)
The International Monetary Fund announced on Wednesday that the Kingdom of Saudi Arabia has been selected to Chair the International Monetary and Financial Committee (IMFC). (SPA)

The International Monetary Fund announced on Wednesday that the Kingdom of Saudi Arabia has been selected to Chair the International Monetary and Financial Committee (IMFC), SPA said.
IMFC provides support to the IMF Board of Governors on the supervision and management of the international monetary and financial system, including on responses to unfolding events that may disrupt the system.
"The Kingdom's chairmanship of the IMFC for 2024-2027 reflects the trust of the international community in the Kingdom's leadership globally and regionally, and the pivotal role it plays in promoting international multilateral efforts," Saudi Minister of Finance Mohammed bin Abdullah Al-Jadaan said.
"I thank the Former Chair of the IMFC, Ms. Nadia Calvino, for her accomplishments during her term, and I look forward to working with the IMFC members and the IMF management to promote the stability and effectiveness of the international monetary and financial system," the Minister added.
The IMFC deliberates on the matters concerning the growth and stability of the global economy, and has become a key instrument for providing strategic direction to the work and policies of the IMF.
The Committee has 24 members, comprising finance ministers and central bank governors, and operates by consensus, including on the selection of its Chair. The Committee usually meets twice a year—at the IMF and World Bank Group Annual and Spring Meetings.
The Kingdom's chairmanship of the IMFC reaffirms its strong commitment to promoting multilateralism, and reflects the leading role it plays towards supporting regional and global economic growth.

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Gold Eases from Record Peak on Profit-taking; Trump's Tariffs in Focus

Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT
Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT
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Gold Eases from Record Peak on Profit-taking; Trump's Tariffs in Focus

Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT
Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT

Gold dipped on Thursday as traders locked in profits after prices hit a record high, following a rush to safe-haven assets triggered by US President Donald Trump's aggressive import tariffs, which escalated the already intense global trade war.

Spot gold was down 0.4% at $3,122.1, as of 0710 GMT. Earlier in the session, bullion hit an all-time high of $3,167.57.

US gold futures fell 0.7% to $3,145.00.

Trump unveiled on Wednesday a 10% baseline tariff on all imports to the US, and higher duties on dozens of countries, including some of its biggest trading partners, deepening a trade war that has rattled global markets, Reuters said.

The reciprocal tariffs do not apply to certain goods, including gold, energy and "certain minerals that are not available in the US," according to a White House fact sheet.

One of the factors supporting gold was "the slowdown that tariffs are likely to cause the US economy, raising the prospects of future rate cuts," Capital.com's financial market analyst Kyle Rodda said.

The Trump administration confirmed that the 25% global car and truck tariffs will take effect on April 3, as planned, and duties on automotive parts imports will be launched on May 3.

Gold is in "a pure momentum trade, where bulls who were left for dust are agonizing on the side line, eager for even the smallest of dips, and until we see a volatile shakeout big enough to stun bulls and bears, the momentum trade could continue higher," said Matt Simpson, a senior analyst at City Index.

Gold, a hedge against political and financial instabilities, has surged more than 19% year-to-date, mainly driven by tariff jitters, rate- cut possibilities, geopolitical conflicts, and central bank buying.

"There's also some front running going on amongst traders who anticipate (Trump's) policies will drive central banks to park their reserves in gold rather than US dollar-denominated assets," Rodda said.

Market awaits US non-farm payrolls report due on Friday for clues into the Federal Reserve's policy path.

Spot silver slipped 2.8% to $33.07 an ounce, platinum fell 1.5% to $968.37, and palladium lost 1.4% to $956.50.