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)
TT

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 Prices Hold Steady as Investors Await US Fed Policy Cues

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)
TT

Gold Prices Hold Steady as Investors Await US Fed Policy Cues

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 prices remained steady on Wednesday, as investors awaited the US Federal Reserve's decision on interest rates due later in the day, while also focusing on US President Donald Trump's trade policies following his tariff threats.

Spot gold eased 0.2% to $2,758.49 per ounce by 09:55 a.m. ET (1455 GMT), while US gold futures rose 0.3% to $2,775.60, widening the premium over spot gold rates.

The Fed is scheduled to release its latest policy decision and statement at 2 p.m. EST (1900 GMT), with Fed Chair Jerome Powell due to hold a press conference half an hour later to elaborate on the meeting.

The US central bank is widely expected to hold interest rates steady as it awaits further inflation and jobs data and more clarity on the economic impact of Trump's policies before deciding whether to cut borrowing costs again.

"However, the Fed's commentary in regards to the potential for an interest rate cut in the March meeting is going to be in focus," said David Meger, director of metals trading at High Ridge Futures.

Gold prices neared all-time highs last week after Trump called for lower interest rates. Bullion tends to thrive in a low-interest-rate environment as it yields no interest.

Prices, however, retreated sharply on Monday as a sell-off in technology stocks, driven by Chinese AI model DeepSeek, sparked a rush to liquidate bullion to counter losses, according to Reuters.

The sell-off in the stock market seen on Monday may not be over and the unpredictability of Trump's policies is contributing to an increased demand for gold as a safe-haven, said Jim Wyckoff, a senior market analyst at Kitco Metals.

Trump still plans to make good on his promise to issue tariffs on Canada and Mexico, and his policies are widely seen as inflationary.

Elsewhere, spot silver gained 1.7% to $30.92 per ounce, platinum also added 0.5% to $946.45. Palladium was up 0.8% to $962.50.