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Industry Minister: Saudi Arabia's Participation at Davos Confirms Its Role in Facing Global Challenges

Participants arrive at the Davos Conference Center. (AP)
Participants arrive at the Davos Conference Center. (AP)
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Industry Minister: Saudi Arabia's Participation at Davos Confirms Its Role in Facing Global Challenges

Participants arrive at the Davos Conference Center. (AP)
Participants arrive at the Davos Conference Center. (AP)

Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef said the Kingdom's participation in the World Economic Forum 2024 annual meeting in Davos confirms its important role in facing many global challenges.

It showcases Saudi Arabia's significant role in addressing global challenges, particularly in supply chains and capacity building.

Speaking to the Saudi Press Agency (SPA), AlKhorayef explained that Vision 2030 aligns with significant global issues such as climate change, sustainable development, and innovation.

He further noted that the Kingdom's engagement at Davos provides an opportunity for communication with key players in the private sector worldwide.

Saudi participation aims to foster cooperation on these issues and enhance economic and development initiatives in various sectors of the Kingdom, including industry, mining, research, development, and innovation.

AlKhorayef stated that Saudi Arabia remains committed to achieving its economic diversification plans and creating new job opportunities for its citizens through investments in new industries based on the Fourth Industrial Revolution technologies of innovation and technology.

He highlighted that the Davos meeting is a platform to showcase Saudi Arabia's significant efforts and essential progress.

The minister also underscored the essential role of international partnerships in addressing contemporary challenges, particularly in food, water, energy, and the security of sustainable global supply chains.

He concluded that building international partnerships helps ensure reliable access to vital minerals, which play a crucial role in supporting global trends toward clean energy transformation.

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Gold Eyes Best Quarter in over Eight Years

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)
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Gold Eyes Best Quarter in over Eight Years

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 halted its record run on Friday but remained on track for its best quarter since 2016 after a rally catalysed by an outsized US Federal Reserve interest rate cut, while markets braced themselves for a crucial inflation report due later in the day.

Spot gold was down 0.1% at $2,666.50 per ounce as of 1115 GMT, below the all-time peak of $2,685.42 hit in the previous session. It is heading for its best quarter since the first three months of 2016.

US gold futures fell 0.2% to $2,688.90, Reuters reported.

"The market at this point in time has priced in all the good news and there's also some hesitancy from fresh buyers to get involved at these record high levels," said Ole Hansen, head of commodity strategy at Saxo Bank.

Bullion has risen 29% so far this year, hitting successive record peaks after last week's half-percentage-point cut by the Federal Reserve and the stimulus measures announced by China earlier this week.

Silver prices surged, tracking bullion's strong performance, though some analysts warn that the rally may fade.

"Overall, industrial demand is still supportive for silver. But we need to have a stronger economic performance in China as well as in other developed countries," said ANZ commodity strategist Soni Kumari.

The surge in silver prices is more a spillover impact from gold, Kumari said.

Spot silver eased 0.1% to $31.98 per ounce, after hitting its highest since December 2012 at $32.71 on Thursday. It is set for a third straight week of gains.

"I do believe silver will continue to outperform gold. But as we all know, wherever gold goes, silver tends to go, but faster," Hansen added.

Both gold and silver serve as safe-haven investments, but the latter has more industrial applications, so tends to underperform during recessions and outperform when economies expand.

Inflows into gold exchange-traded funds, particularly from Western investors, are set to rise in coming months, adding yet more positive stimulus for already record high bullion prices. Some banks expect gold to rise towards $3,000.

In other metals, platinum was up 0.5% at $1,012.40 but palladium fell nearly 1.5% to $1,031.75.