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Saudi Energy Minister: Providing Competitive Energy Prices for Companies

Saudi Energy Minister Prince Abdulaziz Bin Salman at the Digital Government Forum in Riyadh
Saudi Energy Minister Prince Abdulaziz Bin Salman at the Digital Government Forum in Riyadh
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Saudi Energy Minister: Providing Competitive Energy Prices for Companies

Saudi Energy Minister Prince Abdulaziz Bin Salman at the Digital Government Forum in Riyadh
Saudi Energy Minister Prince Abdulaziz Bin Salman at the Digital Government Forum in Riyadh

Saudi Energy Minister Prince Abdulaziz Bin Salman has revealed a new initiative led by the Kingdom aimed at providing sustainable energy to businesses at a fixed and stable price for an extended period.
He revealed that there are currently 1,200 sites across various regions of the Kingdom being studied to determine the most suitable locations for solar energy projects.
During a session titled ‘The Role of Innovation and Digital Transformation in Enhancing Efficiency in the Energy Sector Towards a Sustainable Future’ at the Digital Government Forum in Riyadh, the prince announced a new direction to provide sustainable energy to companies at a fixed and stable price for a long period, asserting that the Kingdom is capable of doing so to enhance the economic returns of facilities.
The minister added that the Ministry has succeeded in reducing costs by using modern technologies in the process of extracting, producing, and distributing all forms of energy, as well as in reducing costs in manufacturing spare parts and devices used in these processes.
He also noted that the Kingdom has ‘thousands’ of oil and gas pipelines spread across the country, highlighting the importance of artificial intelligence technology in monitoring various aspects around them, including maintenance, safety, and security.

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Gold Extends Slide to 1-week Low on Curbed Safety Demand, Stronger Dollar

A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
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Gold Extends Slide to 1-week Low on Curbed Safety Demand, Stronger Dollar

A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo

Gold prices extended declines on Tuesday, hitting a more than one-week low, pressured by a jump in US dollar and easing safe-haven demand after reports of a possible Lebanon-Israel ceasefire.

Spot gold was down 0.4% at $2,614.56 per ounce as of 0845 GMT, after hitting its lowest since Nov. 18 earlier in the session. US gold futures edged 0.1% lower to $2,614.80, Reuters reported.

The precious metal fell 3.2% on Monday, its deepest one-day decline in more than five months, on news that Israel looked set to approve a US plan for a ceasefire with the Iran-backed Hezbollah, with further pressure from Trump's nomination of Scott Bessent as the US Treasury secretary.

Meanwhile, the Kremlin said it had noted that Trump's circle was speaking about a potential peace plan for Ukraine.

"This has reduced the geopolitical risk premium, leading to a decline in gold prices," said Soni Kumari, a commodity strategist at ANZ, adding that a stronger US dollar is also weighing on investor appetite for gold. The dollar was up by 0.3%, after US President-elect Donald Trump vowed tariffs against Mexico, Canada and China, reducing gold's appeal for holders of other currencies.

"So now the focus will shift back to, what Fed is going to do in December meeting," Kumari said. Federal Reserve Bank of Minneapolis President Neel Kashkari, typically on the hawkish end of the US central bank's policy spectrum, said he is open to cutting rates again next month.

Traders will also keep a close eye on US consumer confidence data and the minutes from the Fed's November meeting later in the day.

"I expect gold to trade in a narrow range in the short term, with a slight upward drift," Matt Simpson, a senior analyst at City Index said.

Spot silver slipped by 0.1% to $2,614.80 per ounce, platinum shed 1.1% to $928.40 and palladium was down 0.2% to $971.10.