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Saudi EXIM Bank and Brazilian Development Bank Sign MoU

The Saudi Export-Import Bank (Saudi Exim Bank) and Brazilian Development Bank signed an MoU to boost economic cooperation and trade between the two countries. (SPA)
The Saudi Export-Import Bank (Saudi Exim Bank) and Brazilian Development Bank signed an MoU to boost economic cooperation and trade between the two countries. (SPA)
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Saudi EXIM Bank and Brazilian Development Bank Sign MoU

The Saudi Export-Import Bank (Saudi Exim Bank) and Brazilian Development Bank signed an MoU to boost economic cooperation and trade between the two countries. (SPA)
The Saudi Export-Import Bank (Saudi Exim Bank) and Brazilian Development Bank signed an MoU to boost economic cooperation and trade between the two countries. (SPA)

The Saudi Export-Import Bank (Saudi Exim Bank) and Brazilian Development Bank signed a Memorandum of Understanding (MoU) to boost economic cooperation and trade between the two countries.

The agreement, signed in Rio de Janeiro by Saudi Exim Bank CEO Eng. Saad Alkhalab and Brazilian Development Bank Director of Planning and Institutional Relations Nelson Barbosa, outlines a framework for boosting exports of products and services, exploring joint financing opportunities, and expanding Saudi non-oil exports in the Brazilian market.

Minister of Industry and Mineral Resources and Chairman of the Saudi Exim Bank Bandar Alkhorayef witnessed the signing ceremony as part of his official visit to Brazil to discuss cooperation and strengthen bilateral ties.

Alkhalab highlighted the importance of the Brazilian market for local exporters.

The memorandum represents a significant step in developing trade relations, joint investment projects, and more opportunities for cooperation between commercial companies and financial institutions in both countries, he added.

It is expected to contribute to the growth of Saudi non-oil exports and the Saudi markets, which have experienced significant growth and diversification in recent years.

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Gold Drifts Higher on Fed Rate-cut Hopes, Geopolitical Risks

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 Higher on Fed Rate-cut Hopes, Geopolitical Risks

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)

Prices of safe-haven gold climbed on Monday on heightened geopolitical tensions in the Middle East and amid expectations of a US rate cut in September, while focus shifted to the Federal Reserve's policy meeting due later this week.

Spot gold was up 0.3% at $2,391.80 per ounce, as of 0205 GMT. US gold futures firmed 0.4% to $2,390.50.

"Prices will hold a range ahead of the Fed meet and Chair Jerome Powell's comments. If we get a clearly dovish stance and softer jobs data, prices could head towards $2,450," said Kelvin Wong, OANDA's senior market analyst for Asia Pacific, according to Reuters.

The US central bank's Federal Open Market Committee meets on July 30-31 and is expected to keep rates unchanged at 5.25%-5.50%. However, softer US jobs data in June, cooling inflation and comments from top Fed officials have prompted the rate futures market to fully price in a 25 basis-point cut in September.

The ADP national employment report and non-farm payrolls report are the main data points due this week.

Gold, historically reputed for its stability as a favored hedge against geopolitical and economic risks, thrives in a low-interest rate environment.

Israel's security cabinet authorized Prime Minister Benjamin Netanyahu's government to decide on the "manner and timing" of a response to a rocket strike in the Israeli-occupied Golan Heights that killed 12 teenagers and children, and which Israel and the United States blamed on Lebanese armed group Hezbollah.

Bullion should see further safe-haven demand if things get more heated up in the Middle East, OANDA's Wong added.

Elsewhere, top consumer China's output of gold using domestic raw materials rose by 0.58% from the year before to 179.634 metric tons in the first half of 2024, the country's Gold Association said.

Spot silver gained 0.1% at $27.93 per ounce, platinum rose 0.8% to $942.75 and palladium was up 0.7% at $906.48.