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Saudi Industry Minister Discusses Boosting Industrial Cooperation with Hong Kong Officials

Alkhorayef underscored the Kingdom’s strategic advantages, which make it an attractive investment destination for leading global companies. (SPA)
Alkhorayef underscored the Kingdom’s strategic advantages, which make it an attractive investment destination for leading global companies. (SPA)
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Saudi Industry Minister Discusses Boosting Industrial Cooperation with Hong Kong Officials

Alkhorayef underscored the Kingdom’s strategic advantages, which make it an attractive investment destination for leading global companies. (SPA)
Alkhorayef underscored the Kingdom’s strategic advantages, which make it an attractive investment destination for leading global companies. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef held bilateral meetings on Saturday with officials in Hong Kong to boost cooperation in the industrial sector, Knowledge transfer, and innovation, and smart manufacturing solutions.

Alkhorayef underscored the Kingdom’s strategic advantages, which make it an attractive investment destination for leading global companies.

He reviewed the Kingdom's positive economic transformations in recent years and its role in developing the industrial and mining sectors.

He discussed joint investment opportunities in automation, in line with the Kingdom’s Future Factories initiative, inviting Hong Kong companies to invest in promising industrial sectors in the Kingdom.

Alkhorayef met with the Director of the Trade and Industry Department, officials from the Innovation and Technology Commission, and the Secretary for Commerce and Economic Development of Hong Kong.

They discussed the prospects for strengthening ties between Saudi Arabia and Hong Kong and the opportunities to develop industrial cooperation between them.

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Gold Eases from Record Peak on Profit-taking; Trump's Tariffs in Focus

Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT
Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT
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Gold Eases from Record Peak on Profit-taking; Trump's Tariffs in Focus

Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT
Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT

Gold dipped on Thursday as traders locked in profits after prices hit a record high, following a rush to safe-haven assets triggered by US President Donald Trump's aggressive import tariffs, which escalated the already intense global trade war.

Spot gold was down 0.4% at $3,122.1, as of 0710 GMT. Earlier in the session, bullion hit an all-time high of $3,167.57.

US gold futures fell 0.7% to $3,145.00.

Trump unveiled on Wednesday a 10% baseline tariff on all imports to the US, and higher duties on dozens of countries, including some of its biggest trading partners, deepening a trade war that has rattled global markets, Reuters said.

The reciprocal tariffs do not apply to certain goods, including gold, energy and "certain minerals that are not available in the US," according to a White House fact sheet.

One of the factors supporting gold was "the slowdown that tariffs are likely to cause the US economy, raising the prospects of future rate cuts," Capital.com's financial market analyst Kyle Rodda said.

The Trump administration confirmed that the 25% global car and truck tariffs will take effect on April 3, as planned, and duties on automotive parts imports will be launched on May 3.

Gold is in "a pure momentum trade, where bulls who were left for dust are agonizing on the side line, eager for even the smallest of dips, and until we see a volatile shakeout big enough to stun bulls and bears, the momentum trade could continue higher," said Matt Simpson, a senior analyst at City Index.

Gold, a hedge against political and financial instabilities, has surged more than 19% year-to-date, mainly driven by tariff jitters, rate- cut possibilities, geopolitical conflicts, and central bank buying.

"There's also some front running going on amongst traders who anticipate (Trump's) policies will drive central banks to park their reserves in gold rather than US dollar-denominated assets," Rodda said.

Market awaits US non-farm payrolls report due on Friday for clues into the Federal Reserve's policy path.

Spot silver slipped 2.8% to $33.07 an ounce, platinum fell 1.5% to $968.37, and palladium lost 1.4% to $956.50.