Gold Drifts Lower as Traders await US Inflation Data

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)
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Gold Drifts Lower as Traders await US Inflation Data

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 eased on Tuesday, while investors looked toward key US inflation data due later this week that could throw some light on the Federal Reserve's stance on interest rate cuts.
Spot gold was down 0.4% at $2,324.69 per ounce, as of 0632 GMT. US gold futures fell 0.3% to $2,336.80.
"Technical factors in the short-term are not so positive for gold. After last Friday's sell-off, short-term traders view this as a bearish signal explaining the lackluster movement for gold holding on to these levels," said Kelvin Wong, a senior market analyst for Asia Pacific at OANDA, Reuters said.
Bullion dropped more than 1% on Friday as the dollar jumped after US business activity crept up to a 26-month high in June amid a rebound in employment.
First-quarter US gross domestic product (GDP) estimates are due on Thursday and the personal consumption expenditures (PCE) price index report on Friday.
If the actual number for the core PCE comes in strong, it is potentially not a rosy news driver for gold and could actually see gold break below the $2,300 level, Wong added.
Lower rates reduce the opportunity cost of holding non-yielding bullion.
San Francisco Fed Bank President Mary Daly on Monday said she does not believe the US central bank should cut rates before policymakers are confident that inflation is headed toward 2% but also noted that rising unemployment is increasingly a risk.
Other Fed officials speaking this week include Fed Governors Lisa Cook and Michelle Bowman along with Richmond Fed President Tom Barkin.
Elsewhere, spot silver fell 0.5% to $29.50 per ounce, while platinum rose 0.6% to $1,000.28.
Palladium was trading flat at $979.30.



Global Corporate Social Responsibility Kicks off in Riyadh

The inaugural Global Corporate Social Responsibility (CSR) Forum kicked off in Riyadh on Monday. (SPA)
The inaugural Global Corporate Social Responsibility (CSR) Forum kicked off in Riyadh on Monday. (SPA)
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Global Corporate Social Responsibility Kicks off in Riyadh

The inaugural Global Corporate Social Responsibility (CSR) Forum kicked off in Riyadh on Monday. (SPA)
The inaugural Global Corporate Social Responsibility (CSR) Forum kicked off in Riyadh on Monday. (SPA)

The inaugural Global Corporate Social Responsibility (CSR) Forum kicked off in Riyadh on Monday under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud.

Organized by the Saudi Ministry of Human Resources and Social Development under the theme "From Commitment to Impact", the forum aims to promote social responsibility initiatives.

In opening remarks, Minister of Human Resources and Social Development Eng. Ahmad bin Sulaiman Al-Rajhi said: "Saudi Arabia's goal for this forum is to serve as a global platform for dialogue on social responsibility, enabling us to meet, exchange expertise, and discuss challenges, solutions, and opportunities to expand private sector involvement in sustainable development. Together, we aim to set a global model for creating new partnerships between the public and private sectors."

Saudi Arabia's achievements in the field of social responsibility represent an "inspiring transformation and empowerment story", with social responsibility recognized as a strategic objective in the Saudi Vision 2030, that of "promoting corporate social responsibility", he added.

This has led to the developing tools and enablers that would drive strategic transformation in corporate social responsibility, including the establishment of a Social Responsibility Committee by a Cabinet decision, formulating a social responsibility strategy, launching a national social responsibility platform to lead transparency in social responsibility.

It also led to declaring March 23 as an annual Social Responsibility Day, highlighting private sector initiatives, issuing a corporate social responsibility guide, developing a social responsibility index in the Saudi market, and establishing a unified national identity for social responsibility.

Al-Rajhi cited a significant increase in corporate social responsibility engagement across Saudi Arabia. These contributions to social spending jumped from 1.19% in 2019 to 4.15% by the end of 2023, while the percentage of large companies with CSR programs jumped from 30% to 65% during the same period.

This progress is reflected in Saudi Arabia's improved global ranking, climbing to 16th place in the IMD World Competitiveness Yearbook 2024's Social Responsibility Index, up from 41st in 2021. Al-Rajhi was confident that Saudi Arabia will be among the top CSR countries in the world by 2030.

At the forum, the Ministry of Human Resources and Social Development aims to engage decision makers from the private sector, government representatives, development organizations, and experts in social responsibility and sustainability in discussions on challenges and opportunities for growth.

The forum seeks to foster innovation, shape the future of social responsibility on a global scale, encourage excellence and competitiveness, facilitate partnerships among public, private, and non-profit sectors, and expand opportunities for international collaboration in this field.