Saudi Energy Minister, German State Secretary Discuss Climate Action, Clean Energy

Photo by SPA
Photo by SPA
TT

Saudi Energy Minister, German State Secretary Discuss Climate Action, Clean Energy

Photo by SPA
Photo by SPA

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz met Wednesday in Riyadh with State Secretary and Special Envoy for International Climate Action at the Federal Foreign Office of Germany Jennifer Lee Morgan.
During the meeting, the two ministers discussed topics of mutual interest in the field of climate action and explored prospects of cooperation in the areas of clean energy and clean technologies, aiming to strengthen bilateral relations and achieve the goals of the Paris Agreement, the United Nations Framework Convention on Climate Change (UNFCCC), and the outcomes of its Conferences of Parties, SPa reported.
The two sides also reviewed Saudi Arabia’s efforts in renewable energy, clean energy technologies, clean hydrogen, energy efficiency, and emission management within the Kingdom's endeavors to lead the energy transition through local and regional initiatives, including the Saudi Green Initiative and the Middle East Green Initiative.



Gold Hits Record High on US Rate Cut Bets

A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
TT

Gold Hits Record High on US Rate Cut Bets

A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)

Gold prices scaled an all-time high on Wednesday, with recent comments from Federal Reserve officials boosting bets of a US interest rate cut in September.

Spot gold was up 0.1% at $2,470.89 per ounce, as of 0046 GMT, after hitting a record peak of $2,473.18 earlier in the session. US gold futures rose 0.3% to $2,473.70.

Markets are fully pricing in a rate cut of at least 25 basis points by the Fed at its September meeting, according to CME's FedWatch Tool, Reuters reported.

Fed Chair Jerome Powell said on Monday recent inflation readings "add somewhat to confidence" that the pace of price increases is returning to the Fed's target in a sustainable fashion, remarks that suggest a turn to rate cuts may not be far off.

The International Monetary Fund said on Tuesday that the global economy is set for modest growth over the next two years amid cooling activity in the United States, a bottoming-out in Europe and stronger consumption and exports for China, but risks to the path abound.