World Bank Delegation Visits Saudi Investment Recycling Company

The Saudi Investment Recycling Company (SIRC) logo
The Saudi Investment Recycling Company (SIRC) logo
TT

World Bank Delegation Visits Saudi Investment Recycling Company

The Saudi Investment Recycling Company (SIRC) logo
The Saudi Investment Recycling Company (SIRC) logo

A high-level delegation from the World Bank has visited the headquarters of the Saudi Investment Recycling Company (SIRC), a wholly-owned subsidiary of the Public Investment Fund (PIF).

The CEO of SIRC, Eng. Ziyad bin Mohammed Al-Shiha, and the executive management team received the delegation, which included representatives from the bank in some American, European, Asian, and African countries, as well as the senior representatives of the bank in the Middle East and the Kingdom.

The delegation was briefed on SIRC’s activities, its investment projects, and its subsidiary companies across various fields in the recycling and waste management sector.
They also conducted a tour of the Control and Command Center (CCC) of the Marine Operations For Environmental Services (SAIL), a subsidiary of SIRC.
Moreover, the delegation held a meeting with the executive management for a detailed explanation of the activities, plans, and projects of SIRC, its subsidiary companies, investment opportunities, and the group's initiatives towards achieving sustainability.
The discussion also covered the concept of the circular economy and the goals of the "Saudi Green Initiative.”



Gold Prices Hold Steady as Investors Await US Fed Policy Cues

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
TT

Gold Prices Hold Steady as Investors Await US Fed Policy Cues

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Gold prices remained steady on Wednesday, as investors awaited the US Federal Reserve's decision on interest rates due later in the day, while also focusing on US President Donald Trump's trade policies following his tariff threats.

Spot gold eased 0.2% to $2,758.49 per ounce by 09:55 a.m. ET (1455 GMT), while US gold futures rose 0.3% to $2,775.60, widening the premium over spot gold rates.

The Fed is scheduled to release its latest policy decision and statement at 2 p.m. EST (1900 GMT), with Fed Chair Jerome Powell due to hold a press conference half an hour later to elaborate on the meeting.

The US central bank is widely expected to hold interest rates steady as it awaits further inflation and jobs data and more clarity on the economic impact of Trump's policies before deciding whether to cut borrowing costs again.

"However, the Fed's commentary in regards to the potential for an interest rate cut in the March meeting is going to be in focus," said David Meger, director of metals trading at High Ridge Futures.

Gold prices neared all-time highs last week after Trump called for lower interest rates. Bullion tends to thrive in a low-interest-rate environment as it yields no interest.

Prices, however, retreated sharply on Monday as a sell-off in technology stocks, driven by Chinese AI model DeepSeek, sparked a rush to liquidate bullion to counter losses, according to Reuters.

The sell-off in the stock market seen on Monday may not be over and the unpredictability of Trump's policies is contributing to an increased demand for gold as a safe-haven, said Jim Wyckoff, a senior market analyst at Kitco Metals.

Trump still plans to make good on his promise to issue tariffs on Canada and Mexico, and his policies are widely seen as inflationary.

Elsewhere, spot silver gained 1.7% to $30.92 per ounce, platinum also added 0.5% to $946.45. Palladium was up 0.8% to $962.50.