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GCC, UK Agree to Proceed with Free Trade Agreement This Year

Albudaiwi meets with UK Secretary of State for Business and Trade Jonathan Reynolds in London. (SPA)
Albudaiwi meets with UK Secretary of State for Business and Trade Jonathan Reynolds in London. (SPA)
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GCC, UK Agree to Proceed with Free Trade Agreement This Year

Albudaiwi meets with UK Secretary of State for Business and Trade Jonathan Reynolds in London. (SPA)
Albudaiwi meets with UK Secretary of State for Business and Trade Jonathan Reynolds in London. (SPA)

Gulf Cooperation Council (GCC) Secretary-General Jasem Mohamed Albudaiwi said on Wednesday the GCC and United Kingdom are in agreement over the importance of proceeding towards finalizing negotiations for a free-trade agreement (FTA).

He added that the two parties will sign the agreement this year.

Albudaiwi met in London with UK Secretary of State for Business and Trade Jonathan Reynolds.

Albudaiwi said he sensed a strong interest from the new British government and a sincere desire to complete the negotiation rounds for the FTA. Reynolds expressed the desire to have the agreement signed before the end of 2024.

The officials discussed various topics of mutual interest, focusing on economic and trade relations between the GCC and the UK, and ways to boost and develop them.

Both sides aspired to accelerate the pace of FTA negotiations and hold regular meetings between senior officials to finalize its chapters and sign it this year. This is seen as a step to bolster cooperation and the strategic partnership between the GCC and the UK.

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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.