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GACA to Organize Future Aviation Forum in Riyadh Next Month

The General Authority of Civil Aviation (GACA)
The General Authority of Civil Aviation (GACA)
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GACA to Organize Future Aviation Forum in Riyadh Next Month

The General Authority of Civil Aviation (GACA)
The General Authority of Civil Aviation (GACA)

Saudi Arabia’s General Authority of Civil Aviation (GACA) is scheduled to organize the third edition of the Future Aviation Forum 2024 (FAF 2024) on May 20-22 in Riyadh.
The FAF 2024 will be organized under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al-Saud.

It is set to attract more than 5,000 international experts from the aviation industry, leaders of international airlines, and officials from aviation authorities in participating countries.

The FAF 2024 will discuss global aviation issues, air transportation, the development of environmental sustainability in the civil aviation sector, enabling advanced air transport, and enhancing global connectivity.

The forum will focus on boosting the efforts to achieve the national strategic objectives of aviation, which aim to transform the Kingdom into a leading logistics center in the Middle East and provide an attractive investment environment in this vital sector.

It will also bring together the elite of heads of states, CEOs of international airlines, manufacturers, airport executives, and industry leaders to shape the future of international air transport.

The second edition of the forum witnessed the participation of 60 countries, the signing of 52 agreements and memoranda of understanding, the holding of 116 bilateral meetings, and the launch of several important policies and strategies for the civil aviation sector. In addition, many partnerships between the public and private sectors were signed.

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Gold Near Record High; Investors Await Fed Chair Powell's Speech

FILE - Gold bars are shown stacked in a vault at the United States Mint, on July 22, 2014, in West Point, N.Y. (AP Photo/Mike Groll, File)
FILE - Gold bars are shown stacked in a vault at the United States Mint, on July 22, 2014, in West Point, N.Y. (AP Photo/Mike Groll, File)
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Gold Near Record High; Investors Await Fed Chair Powell's Speech

FILE - Gold bars are shown stacked in a vault at the United States Mint, on July 22, 2014, in West Point, N.Y. (AP Photo/Mike Groll, File)
FILE - Gold bars are shown stacked in a vault at the United States Mint, on July 22, 2014, in West Point, N.Y. (AP Photo/Mike Groll, File)

Gold prices rebounded and looked set to scale a fresh peak on Thursday, on mounting expectations for another US interest rate cut this year, while investors awaited Federal Reserve Chair Jerome Powell's address later today for more policy cues.
Spot gold climbed 0.4% to $2,668.05 per ounce, as of 0913 GMT, a few dollars away from the record $2,670.43 it hit on Wednesday.
US gold futures were up 0.2% to $2,691.20, reported Reuters.
"Gold price strength is feeding on itself just now. That’s to say momentum is driving speculative flows despite a rising US dollar and Treasury yields," said independent analyst Ross Norman.
"Powell's comments will be observed for indications about the depth of further cuts. But really it's a case of when, not if."
Last week, the Fed trimmed the benchmark policy rate by 50 basis points to 4.75%-5.00%. Traders now see a 62% chance of an additional 50 bps reduction in November, according to the CME FedWatch Tool.
Lower interest rates boost non-yielding gold's appeal.
Powell is set to give opening remarks later in the day at a conference, where New York Fed President John Williams and Fed Vice Chair for Supervision Michael Barr will also speak.
Markets will also scan the US jobless claims data on Thursday and the core personal consumption expenditure index - the Fed's preferred inflation indicator - on Friday.
Bullion has risen more than 29% so far in 2024, hitting record highs several times, fueled by the US rate cuts, safe-haven demand due to geopolitical and economic uncertainty and robust central bank buying.
"In the coming weeks, gold could set new records and we see $3,000 an ounce as the maximum extension of the bullish movement," analysts at Intesa Sanpaolo said.
"We forecast a 4Q24 gold average of $2,595, as some profit-taking could materialize towards year end."
Among other metals, spot silver climbed 0.9% to $32.16 per ounce, holding close to the four-month high it hit on Wednesday.
Platinum rose 1.8% to $1,005.61 and palladium gained 2.4% to $1,062.36.