عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Gold Subdued as Investors Focus on US Inflation Data

An employee at a gold shop in Khan El Khalili, Cairo (Reuters)
An employee at a gold shop in Khan El Khalili, Cairo (Reuters)
TT
TT

Gold Subdued as Investors Focus on US Inflation Data

An employee at a gold shop in Khan El Khalili, Cairo (Reuters)
An employee at a gold shop in Khan El Khalili, Cairo (Reuters)

Gold prices struggled for momentum on Monday as investors looked forward to a key inflation report that could shed more light on the US central bank's next policy move.
Spot gold eased 0.13% to $2,427.86 per ounce by 0352 GMT, trading in a narrow $10 price range. US gold futures slipped 0.3% to $2,466.40.
"I don't think people will want to make big commitments ahead of the data," said Ilya Spivak, head of global macro, Tastylive.
The US consumer price index (CPI) data, due on Wednesday, is expected to show that headline and core prices rose 0.2% month-on-month.
"Further inflation progress reflected in the upcoming CPI data could see gold eye for a retest of its all-time high once more," said IG market strategist Yeap Jun Rong.
Currently, the market sees a 54% chance of a 50 basis point rate cut at the Federal Reserve's September meeting, according to the CME FedWatch Tool.
Non-yielding bullion's appeal tends to shine in a low interest rate environment.
Fed Governor Michelle Bowman softened her usually hawkish tone ever so slightly on Saturday, noting some further "welcome" progress on inflation even as she said inflation remains "uncomfortably above" the central bank's 2% goal.
Elsewhere, Palestinian militant group Hamas on Sunday asked mediators to present a plan based upon previous talks instead of engaging in new negotiations for a Gaza ceasefire deal, raising doubts about its participation in Thursday's meeting.
Among other metals, spot silver fell 0.3% to $27.36 per ounce, platinum shed 0.47% to $917.83 and palladium fell 0.2% to $903.48.

Most Viewed

 
 
Business

Saudi Arabia Updates Investment Law to Attract Foreigners

 Qiddiya project in Saudi Arabia (Vision 2030 website)
 Qiddiya project in Saudi Arabia (Vision 2030 website)
TT
TT

Saudi Arabia Updates Investment Law to Attract Foreigners

 Qiddiya project in Saudi Arabia (Vision 2030 website)
 Qiddiya project in Saudi Arabia (Vision 2030 website)

Saudi Arabia announced the approval of an updated investment law, which is expected to enter into force in early 2025, with the aim of attracting foreign investors, developing the competitiveness of its investment environment, contributing to supporting economic diversification, and creating job opportunities in line with Vision 2030 and the objectives of the national strategy.
The updated investment system, which was approved by the Council of Ministers, is one of the pillars of the National Investment Strategy, which seeks to diversify the local economy and to attract more than $100 billion in foreign direct investment annually by 2030.
The new system includes many advantages, most notably: enhancing investors’ rights through fair treatment, protecting intellectual property and freedom to manage investments and transfer funds smoothly, promoting transparency and clarity in procedures in line with leading practices, and contributing to creating a reliable investment environment.
Under the new law, foreign investor licenses will also be replaced with a simplified registration process, and new service centers will be introduced to expedite government transactions and investment procedures.
The updated law also seeks to give investors greater protection and confidence, and promote a dynamic and stimulating environment for investment. It also provides fair treatment without discrimination between local and foreign investors, while working to resolve disputes efficiently in cooperation with the Saudi Center for Commercial Arbitration and other parties.
Saudi Investment Minister Khalid Al-Falih said that the law reaffirms Saudi Arabia’s commitment to creating a welcoming and secure environment for investors, driving economic growth, and enhancing the Kingdom’s position as a premier global investment destination.
He added that the policy direction outlined in Vision 2030 allows investors to invest with certainty and to grow with confidence at a time when many other markets are experiencing considerable volatility.
Al-Falih underlined that the updated investment law builds on an extensive diversification agenda from an enhanced quality of life offering to investment specific measures such as the establishment of special economic zones.
For his part, Saudi Finance Minister Mohammed Al-Jadaan wrote on X that the revised law is a significant “update to the investment regulatory framework that contributes to private sector investment growth opportunities and a more competitive economy under the Saudi Vision 2030.”
Minister of Municipalities and Housing Majid Al-Hogail stressed that the updated investment system enhances the creation of a competitive investment environment that consolidates Saudi Arabia’s position as a leading global destination, in fulfillment of the Kingdom’s vision.
In remarks to Asharq Al-Awsat, member of the Energy Economics Association and the Saudi Economic Society, Advisor Dr. Abdullah Al-Jassar, stressed that the updated investment law represents an important step towards achieving the desired economic transformation of Vision 2030.
He expected that this system would contribute to achieving sustainable economic growth, creating job opportunities, diversifying sources of income, and enhancing the Kingdom’s position as an attractive investment destination in the region.