عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi FM Heads Kingdom’s Delegation at Davos

The logo of the WEF on a window of the Congress Center as participants and artificial intelligence generated artwork by Turkish-American media artist Refik Anadol are reflected inside the congress center on the eve of the 54th annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, 14 January 2024. (EPA)
The logo of the WEF on a window of the Congress Center as participants and artificial intelligence generated artwork by Turkish-American media artist Refik Anadol are reflected inside the congress center on the eve of the 54th annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, 14 January 2024. (EPA)
TT
TT

Saudi FM Heads Kingdom’s Delegation at Davos

The logo of the WEF on a window of the Congress Center as participants and artificial intelligence generated artwork by Turkish-American media artist Refik Anadol are reflected inside the congress center on the eve of the 54th annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, 14 January 2024. (EPA)
The logo of the WEF on a window of the Congress Center as participants and artificial intelligence generated artwork by Turkish-American media artist Refik Anadol are reflected inside the congress center on the eve of the 54th annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, 14 January 2024. (EPA)

Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah arrived in Davos on Sunday heading the Kingdom’s delegation at the 2024 World Economic Forum.

At the global event, the delegation will discuss the greatest regional and international challenges and means to tackle them through dialogue and international cooperation.

It will discuss economic integration, the sustainability of resources, and benefiting from innovation and technical solutions.

It will stress the need to explore opportunities created by emerging technologies and their impact on forging international policies and decision-making.

The delegation will highlight the progress the Kingdom has made in its Vision 2030 and the transformation and development underway in the country in various fields. It will underscore the available investment opportunities in several sectors aimed at achieving a prosperous and diversified economy.

Most Viewed

 
 
Business

Safe-Haven Gold Breaks $2,700/Oz Level as Uncertainty Looms

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
TT
TT

Safe-Haven Gold Breaks $2,700/Oz Level as Uncertainty Looms

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold breached the $2,700-per-ounce level on Friday for the first time ever, as US election jitters and simmering Middle East tensions boosted safe-haven demand, while a looser monetary policy environment also added fuel to the rally.
Spot gold firmed 0.6% to $2,709.28 per ounce by 0430 GMT and gained 2% this week. US gold futures rose 0.6% to $2,724.50.
Gold could gather further traction given the fluidity of election developments and geopolitical uncertainties, said OCBC FX strategist Christopher Wong.
Hezbollah said it will escalate war with Israel after the killing of Hamas leader Yahya Sinwar.
Elsewhere, with less than three weeks remaining to cast votes this US presidential election, Democratic Vice President Kamala Harris and Republican former President Donald Trump are stretching for the support of every last voter.
"Gold has scoffed at a surging dollar and rallies at every chance it gets. It's just a bull market that shows no signs of exhaustion," said Tai Wong, a New York-based independent metals trader.
US economic data released overnight pointed to a strengthening economy, which boosted the US dollar. But traders still see a 90% chance of a Federal Reserve rate cut in November. The European Central Bank cut interest rates for the third time this year as the euro zone economy sags.
Lower rates increase the non-yielding bullion's appeal.
Bullion will continue to perform well over the long term, benefiting from the precarious fiscal situations of many Western nations, and the global desire for a store of value independent of other assets and institutions, said Ryan McIntyre, senior portfolio manager at Sprott Asset Management.
Delegates to the London Bullion Market Association's annual gathering
predicted
gold would rise to $2,941 over the next 12 months and silver to $45.
Spot silver rose 0.9% to $31.97 and headed for a weekly gain. Platinum added 0.6% to $997.80 and palladium increased 0.6% to $1,048.55.