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Saudi Arabia, China Sign MoU in Accounting, Auditing, and Professional Practices

These agreements underscore GCA's elevated professional standing, at both regional and international levels - SPA
These agreements underscore GCA's elevated professional standing, at both regional and international levels - SPA
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Saudi Arabia, China Sign MoU in Accounting, Auditing, and Professional Practices

These agreements underscore GCA's elevated professional standing, at both regional and international levels - SPA
These agreements underscore GCA's elevated professional standing, at both regional and international levels - SPA

General Court of Audit (GCA) President Dr. Hussam Al-Angari and Auditor General of the National Audit Office (CNAO) of the People’s Republic of China Hou Kai signed in Beijing a memorandum of understanding for cooperation in the field of accounting, auditing, and professional work.
Al-Angari issued a statement expressing thanks and gratitude to Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al-Saud, Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince, Prime Minister, and the Council of Ministers for authorizing him to sign this memorandum, which is one of other similar agreements GCA has reached with counterpart organizations in different countries, SPA reported.
These agreements underscore GCA's elevated professional standing, at both regional and international levels, and its important role in sharing professional experience with counterpart Supreme Audit Institutions (SAIs) that are members of regional and international organizations for supreme audit and accounting institutions.
The memorandum aims to bolster collaboration between GCA and CNAO, specifically in the field of financial auditing, compliance and performance auditing. Such collaboration will be realized through various research and consulting projects, as well as holding of meetings, conferences, and training programs, all conducted within the framework of the International Organization of Supreme Audit Institutions and Asian Organization of Supreme Audit Institutions, of which the two parties are active members.
Saudi Ambassador to China Abdul Rahman Al-Harbi attended the signing ceremony.

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Gold Gains as Dollar Slips on Trump Tariff Uncertainty

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Gains as Dollar Slips on Trump Tariff Uncertainty

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices rose on Tuesday as the US dollar eased due to uncertainty around President-elect Donald Trump's tariff plans, with further support coming from top consumer China's central bank adding to its gold reserves for a second straight month.

Spot gold was up 0.5% at $2,648.75 per ounce, as of 1218 GMT. US gold futures also rose 0.5% to $2,660.20.

"The main factor is the softening of the US dollar over the last two sessions, which has provided some relief for the precious metal," said Ricardo Evangelista, senior analyst at ActivTrades.

The dollar index eased towards a one-week low versus major peers as traders considered whether President-elect Donald Trump's tariffs would be less aggressive than promised following a report in the Washington Post, Reuters reported.

Trump however denied the report, deepening uncertainty about future US trade policies.

A stronger dollar makes bullion more expensive for other currency holders.

Traders are setting their sights on Friday's US jobs report for Fed policy clues, along with job openings data due later in the day, ADP employment and the minutes from the Fed's December meeting on Wednesday.

Fed Governor Lisa Cook on Monday said that the Fed can be cautious about any further rate cuts given a solid economy and inflation proving stickier than previously expected.

Bullion is considered a hedge against inflation, but high rates reduce the non-yielding asset's appeal.

Meanwhile, China's gold reserves stood at 73.29 million fine troy ounces at the end of December as the central bank kept buying gold for a second straight month, official data showed.

"By re-entering the market in December, Beijing signaled that its gold acquisition program remains active—a development likely to lend continued support to the precious metal's price," Evangelista added.

Gold prices gained about 27% in 2024, mainly boosted by robust central bank purchases and Fed rate cuts.

Spot silver gained 0.8% to $30.19 per ounce, platinum added 1.2% to $944.39 and palladium rose 0.9% to $928.38.