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Gold Hits Record Peak, Silver Jumps

FILE PHOTO: A saleswoman picks gold necklaces to show it to a customer inside a jewelry showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kochi, India, May 7, 2019. REUTERS/Sivaram V/File Photo
FILE PHOTO: A saleswoman picks gold necklaces to show it to a customer inside a jewelry showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kochi, India, May 7, 2019. REUTERS/Sivaram V/File Photo
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Gold Hits Record Peak, Silver Jumps

FILE PHOTO: A saleswoman picks gold necklaces to show it to a customer inside a jewelry showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kochi, India, May 7, 2019. REUTERS/Sivaram V/File Photo
FILE PHOTO: A saleswoman picks gold necklaces to show it to a customer inside a jewelry showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kochi, India, May 7, 2019. REUTERS/Sivaram V/File Photo

Gold prices hit an all-time high on Monday as a slowing US inflation trend boosted expectations that the Federal Reserve could deliver its first interest rate cut soon, while silver scaled a more than 11-year peak.
Spot gold was up 0.9% at $2,436.76 per ounce, as of 0340 GMT after hitting a record high of $2440.49 earlier in the session.
US gold futures rose 1% at $2,440.60, Reuters reported.
The main driver for gold is that there is a soft US dollar and sentiment is being boosted on the basis that the Federal Reserve is expected to cut rates soon, said Kyle Rodda, a financial market analyst at Capital.com. The dollar index> remained subdued, making greenback-priced bullion more attractive to buyers holding other currencies. Data last week showed signs of cooling inflation and traders now expect a 65% chance of a US rate cut by September.
Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold.
Minutes of the Fed's last policy meeting due on Wednesday along with comments from a slew of Fed speakers will be on investors' radar for this week.
"Gold prices sneaked in a cheeky record high ahead of China's (market) open on Monday. Yet as the move has not been confirmed with by a weaker US dollar, it seems to have been caught a tailwind from higher metals futures on China's exchanges," said City Index senior analyst Matt Simpson.
China, the top consumer of bullion and a majority of industrial metals, announced "historic" steps on Friday to stabilize its crisis-hit property sector.
According to Reuters technical analyst Wang Tao, spot gold may test resistance at $2,447 per ounce, a break above could trigger a gain to $2,455.
Spot silver rose 2.5% to $32.28 after hitting an over 11-year high.
Platinum rose 0.7% to $1,088.75, after hitting its highest since May 12, 2023. Palladium dropped 0.5% to $1,013.56.

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Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
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Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)

flynas, Saudi Arabia’s leading low-cost carrier, has signed a Memorandum of Understanding (MoU) with Airbus for 75 A320neo family aircraft and 15 A330-900. This strategic agreement will expand the airline's capacity, range and enhance its overall fleet capabilities.
Signed during Farnborough International Airshow in the presence of President of the General Authority of Civil Aviation (GACA) of Saudi Arabia, Abdulaziz bin Abdullah Al-Duailej, Chairman of the Board of NAS Holding Ayed Al Jeaid, flynas Chief Executive Officer & Managing Director Bandar Almohanna, and Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer, Airbus said on its website.
The new aircraft will join the carrier’s all Airbus fleet serving international, domestic and regional routes. The new A330-900 aircraft will boast a two-class configuration, accommodating up to 400 passengers.
"We are excited to further strengthen our long-standing partnership with Airbus," said Bander Almohanna, CEO and Managing Director of flynas. "The A320neo Family provides exceptional operational performance and environmental benefits, allowing us to offer unique, low-cost travel experiences. Additionally, the A330neowill enhance our long-haul capabilities with its advanced technology and efficiency while supporting our growth plans and Saudi Arabia’s pilgrim program."
Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer said, "We are delighted to expand our partnership with flynas through this significant milestone for both A320neo and A330-900 aircraft. The A330neo will allow flynas to further grow into widebody markets by building on the A320, benefiting from Airbus’ unique commonality. Both aircraft types offer flynas the perfect versatility and economics to expand into new markets while offering their passengers the latest cabin experience and comfort. We look forward to continuing our successful collaboration with flynas as they embark on this exciting new chapter."
The addition of the A330-900 aircraft will support flynas' ambitious growth plans. The airline anticipates significant operational efficiency gains by combining the new widebody aircraft with its existing A320neo fleet. The A330-900 offers increased capacity and range at unrivaled seat costs, ensuring flynas can compete effectively in the growing regional market, a key focus area for the airline.
The A330neo delivers unbeatable operating economics, powered by the latest-generation Rolls-Royce Trent 7000 engines, featuring new wings and a range of aerodynamic innovations resulting in a 25 percent reduction in fuel consumption and CO₂ emissions compared to previous generation competitor aircraft. The A330neo is capable of flying 8,150 nm / 15,094 km non-stop, providing ultimate comfort with more passenger space, a new lighting system, latest in-flight entertainment systems and full connectivity throughout the cabin.
As with all Airbus aircraft, the A330 family is already able to operate with up to 50% Sustainable Aviation Fuel (SAF). The manufacturer is targeting to have its aircraft up to 100% SAF capable by 2030.