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Saudi Arabia's Railway Network Sees 27% Surge in Q1 2024

Over eight million passengers traveled by train during this period, exceeding previous records - SPA
Over eight million passengers traveled by train during this period, exceeding previous records - SPA
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Saudi Arabia's Railway Network Sees 27% Surge in Q1 2024

Over eight million passengers traveled by train during this period, exceeding previous records - SPA
Over eight million passengers traveled by train during this period, exceeding previous records - SPA

Saudi Arabia's railway network is witnessing a surge in activity, with passenger and cargo figures reaching new highs in the first quarter of 2024.
Over eight million passengers traveled by train during this period, exceeding previous records. This growth was registered by both urban and intercity services, SPA reported.
Over two million passengers commuted by train within cities, representing a 1.7% increase compared to Q1 2023. Intercity travel saw even more significant growth, with over six million passengers opting for train travel – a remarkable 25.41% jump year-over-year.
The positive trend extends to the cargo sector as well. More than six million tons of goods and equipment were transported by rail in Q1 2024, representing a 10.7% increase over the same period in 2023.
These figures highlight the growing importance of railways in the Kingdom's infrastructure. Efficient and reliable train services support various sectors, including industry and tourism.

Train services also contribute to environmental preservation by reducing carbon emissions. Furthermore, railways are a safer and more secure means of transportation, contributing to the overall improvement in the quality of life.

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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.