United Nations Sees International Tourism Fully Recovering in 2024 

Tourists take a picture with the skyline of Singapore, on Nov. 6, 2023. (AP)
Tourists take a picture with the skyline of Singapore, on Nov. 6, 2023. (AP)
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United Nations Sees International Tourism Fully Recovering in 2024 

Tourists take a picture with the skyline of Singapore, on Nov. 6, 2023. (AP)
Tourists take a picture with the skyline of Singapore, on Nov. 6, 2023. (AP)

Global tourism is set to fully recover from the pandemic in 2024 as international tourist arrivals will likely be 2% more numerous than in 2019, the United Nations' World Tourism Organization said on Friday.

Increased global air connectivity and a strong recovery of Asian markets will allow a full rebound of tourism activities worldwide this year, even though geopolitical instability in the Middle East and elsewhere constitutes a risk for the industry as it affects would-be travellers' confidence, the UN tourism body said.

In 2023, travel demand in Europe and Africa almost reached pre-pandemic levels, and surpassed them in the Middle East.

Some destinations, such as Mediterranean Europe, the Caribbean and the Central American and North African sub-regions, exceeded their 2019 international tourism arrivals last year.

The organization expects the Chinese market to soar in 2024, after the government allowed visa-free travel for citizens of France, Germany, Italy, the Netherlands, Spain and Malaysia until 30 November 2024. Flight capacity into and out of China is set to increase this year.

In 2023, international tourism ended at 88% of pre-pandemic levels, with an estimated 1.3 billion international travellers.

The overall industry contribution to the global economy in 2023 was $3.3 trillion, according to the report.



Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices rose for a second straight session on Tuesday, but traded below the recent all-time highs, as uncertainty around US President Donald Trump's tariff plans continued to fuel economic growth concerns and safe haven flows into bullion.

Spot gold gained 0.6% at $2,913.79 an ounce as of 0714 GMT. It hit a record high of $2,942.70 last week.

US gold futures added 0.9% to $2,925.50.

"Trump's disruptive modus operandi, aggressive rhetoric and tariffs - whether actual or threatened - could unravel global trade and intricate supply chains," said Nikos Tzabouras, senior financial writer at trading platform Tradu, Reuters reported.

"With uncertainty surrounding the global economy and the broader geopolitical landscape in the Trump 2.0 era, gold is set to remain a natural beneficiary of risk-off flows and central bank buying."

Since taking office last month, Trump has swiftly redrawn the global trade battlefield with a series of tariffs, while plans are already in motion for sweeping reciprocal tariffs, aimed squarely at any nation that taxes US products.

"Gold continues to benefit from the uncertainty surrounding the US. government's tariff policy. Central bank buying should also continue to provide support, even if there is no new data on this," Commerzbank analysts said in a note.

The market's focus has now shifted to the US Federal Reserve's January meeting minutes due on Wednesday for clues into the central bank's interest rate trajectory.

"Price gains are also supported by growing expectations that the Fed will cut rates in 2025 - a sentiment that gained further traction among traders after last week's disappointing US retail sales figures," Ricardo Evangelista, senior analyst at brokerage firm ActivTrades, said.

Bullion benefits from geopolitical and economic uncertainties, as well as rising price pressures, but higher interest rates diminish the asset's allure.

Spot silver fell 0.9% to $32.50 an ounce. Platinum jumped 0.9% to $985.20 and palladium climbed 1.6% to $978.00.