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Gold Prices Flat as Market Focus Turns to Fed Speakers

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 Prices Flat as Market Focus Turns to Fed Speakers

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 were flat on Tuesday with market participants awaiting US data and comments from Federal Reserve officials for more clarity on the central bank's roadmap for interest rate cuts.
Spot gold was unchanged at $2,317.86 per ounce, as of 0730 GMT. US gold futures rose 0.2% to $2,332.40, Reuters reported.
"The fact that gold's direction has alternated over the past four days without really going anywhere of significance tells me the market is waiting for something to wake it from its lull," City Index senior analyst Matt Simpson said.
"Should US retail sales sink, perhaps gold can make a break of $2,350."
The US retail sales data is due at 1230 GMT later in the day, followed by weekly jobless claims on Thursday and flash purchasing managers' indexes on Friday. Data released last week showed a moderation in the labor market and price pressures.
Philadelphia Fed President Patrick Harker revealed on Monday that he is in the single rate cut camp, but left the door open to changing his view depending on incoming data.
A long list of Fed officials will take to the podium at various venues later in the day, including the Chicago Fed's Austan Goolsbee and the Richmond Fed's Thomas Barkin.
Traders are seeing a 75% probability of an interest rate cut in November, according to the CME Group's FedWatch Tool. Lower interest rates reduce the opportunity cost of holding non-yielding bullion.
More central banks plan to add to their gold reserves within a year and more of them expect others to do so as well, due to ongoing macroeconomic and political uncertainty despite high prices for the precious metal, the World Gold Council said in its annual survey.
Among other metals, spot silver fell 0.6% at $29.31 per ounce, platinum rose 0.8% to $971.94 and palladium lost 0.1% to $888.20.

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Aramco, Sempra Announce Deal for Royalties of Equity and Purchase of LNG from Port Arthur

Saudi Aramco and Sempra announced that their respective subsidiaries have executed a non-binding heads of agreement (HoA) for a 20-year sale and purchase agreement (SPA) for liquefied natural gas (LNG) offtake of 5.0 million tons per annum (Mtpa) from the Port Arthur LNG Phase 2 expansion project. (SPA)
Saudi Aramco and Sempra announced that their respective subsidiaries have executed a non-binding heads of agreement (HoA) for a 20-year sale and purchase agreement (SPA) for liquefied natural gas (LNG) offtake of 5.0 million tons per annum (Mtpa) from the Port Arthur LNG Phase 2 expansion project. (SPA)
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Aramco, Sempra Announce Deal for Royalties of Equity and Purchase of LNG from Port Arthur

Saudi Aramco and Sempra announced that their respective subsidiaries have executed a non-binding heads of agreement (HoA) for a 20-year sale and purchase agreement (SPA) for liquefied natural gas (LNG) offtake of 5.0 million tons per annum (Mtpa) from the Port Arthur LNG Phase 2 expansion project. (SPA)
Saudi Aramco and Sempra announced that their respective subsidiaries have executed a non-binding heads of agreement (HoA) for a 20-year sale and purchase agreement (SPA) for liquefied natural gas (LNG) offtake of 5.0 million tons per annum (Mtpa) from the Port Arthur LNG Phase 2 expansion project. (SPA)

Saudi Aramco, one of the world's leading integrated energy and chemicals companies, and Sempra, one of North America's leading energy infrastructure companies, announced on Wednesday that their respective subsidiaries have executed a non-binding heads of agreement (HoA) for a 20-year sale and purchase agreement (SPA) for liquefied natural gas (LNG) offtake of 5.0 million tons per annum (Mtpa) from the Port Arthur LNG Phase 2 expansion project.

The HoA further contemplates Aramco's 25% participation in the project-level equity of Phase 2.

The parties expect to execute a binding LNG SPA and definitive equity agreements with terms substantially equivalent to those in the HoA, with the SPA and equity agreements subject to several conditions.

“We are excited to take this next step into the LNG sector,” said Aramco upstream president Nasir Al-Naimi. “As a potential strategic partner in the Port Arthur LNG Phase 2 project, Aramco is well-placed to grow its gas portfolio with the aim of meeting the world's growing need for lower-carbon sources of energy. This agreement is a major step in Aramco's strategy to become a leading global LNG player.”

Sempra chairman and chief executive Jeffrey Martin said: "The planned expansion of Port Arthur LNG would help facilitate the broad distribution of US natural gas across global energy markets. By expanding the Port Arthur LNG facility's global reach, we can improve energy security while providing a lower-carbon alternative to coal for electricity production."

Port Arthur LNG is a natural gas liquefaction and export terminal in southeast Texas with direct access to the Gulf of Mexico. The Port Arthur LNG Phase 1 project is currently under construction and consists of trains 1 and 2, as well as two LNG storage tanks and associated facilities.

The Port Arthur LNG Phase 2 project is a competitively positioned expansion of the site to include the addition of up to two trains capable of producing up to 13 million tons yearly.

At the heart of Sempra Infrastructure's flagship Port Arthur Energy Hub, Port Arthur LNG has the potential to expand to a total of eight trains, which would position it as one of the world's most significant LNG export facilities. The facility is expected to play an important role in enhancing global energy security and resilience.

Moreover, Sempra Infrastructure is actively advancing infrastructure projects within the Port Arthur Energy Hub, addressing the rising demand for lower-carbon fuels and reducing carbon intensity. This includes the proposed Titan Carbon Sequestration project.