Gold Hits Two-week High on Fed Rate Cut Bets

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
TT

Gold Hits Two-week High on Fed Rate Cut Bets

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices touched a two-week high on Thursday, as softer US economic data increased the likelihood of interest rate cuts from the Federal Reserve this year.
Spot gold was up 0.5% at $2,337.87 per ounce as of 0802 GMT, after hitting its highest since June 7 earlier in the session. US gold futures rose 0.2% to $2,351.30, Reuters said.
"I am still favoring moves to the upside for the gold market in light of where we currently stand on the interest rate curve, which is at the peak," said Tim Waterer, chief market analyst at KCM Trade.
"The gold market seems content to consolidate recent gains rather than reach higher at this stage, at least until we see some further evidence of softening US macro data, which could alter the interest rate outlook."
Last week's data showed a moderation in the labor market and price pressures, followed up with soft retail sales data on Tuesday, suggesting that economic activity remained lackluster in the second quarter.
The Fed is looking for further confirmation that inflation is cooling as they steer cautiously toward what most expect to be a rate cut or two by the end of this year.
Lower interest rates reduce the opportunity cost of holding non-yielding bullion.
"Mixed comments from Fed officials could inject volatility in the short term. We hold a positive view for gold with a price target of $2,500 per ounce by the end of 2024," ANZ analysts said in a note.
The market's immediate focus is on the US weekly jobless claims data due at 1230 GMT as well as flash purchasing managers' indexes on Friday.
Spot silver rose 1.7% to $30.25 per ounce, platinum was up 0.7% at $986.65 and palladium gained 1.3% to $916.75.



Saudi Airports to Expand Global Reach at Routes World 2024 in Bahrain

Saudi airports will participate under the theme "Saudi Arabia the Global Hub" at Routes World 2024 in Bahrain. (SPA)
Saudi airports will participate under the theme "Saudi Arabia the Global Hub" at Routes World 2024 in Bahrain. (SPA)
TT

Saudi Airports to Expand Global Reach at Routes World 2024 in Bahrain

Saudi airports will participate under the theme "Saudi Arabia the Global Hub" at Routes World 2024 in Bahrain. (SPA)
Saudi airports will participate under the theme "Saudi Arabia the Global Hub" at Routes World 2024 in Bahrain. (SPA)

Saudi airports will participate under the theme "Saudi Arabia the Global Hub" at Routes World 2024, which will take place in Bahrain from October 6-8, 2024, the Saudi Press Agency reported on Friday.
The event, considered the aviation industry's premier global gathering, will bring together key players from airlines, airports, and industry stakeholders worldwide to shape the future of air services and promote global economic growth.
The Saudi participation includes some of the kingdom's most important aviation assets: MATARAT Holding, the King Salman International Airport, the Saudi Air Connectivity Program, the Red Sea International Airport, the Riyadh Airports Company, the Jeddah Airports Company, the Dammam Airports Company, and the Airports Cluster 2 Company.
Saudi Arabia's participation aims to transform its aviation sector into a global leader, positioning its airports to handle 330 million passengers and transport 4.5 million tons of cargo by 2030. This ambitious goal, aligned with the objectives of the National Aviation Strategy, is a testament to the industry's potential.
The effort also focuses on creating seamless travel experiences, enhancing customer satisfaction, ensuring safety and promoting environmental sustainability in the aviation industry.
The 29th edition of Routes World will feature panel discussions, workshops, and intensive meetings focused on advancing the regional and global air transport industry.
The sessions will also explore airlines' financial and operational performance, prospects for future growth, and critical issues such as privatization, mergers, sustainability initiatives, and environmental conservation.