Gold Edges Higher as US Inflation Data Looms

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 Edges Higher as US Inflation Data Looms

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)

Gold prices inched higher on Wednesday as the dollar eased, with traders' attention turning to key US inflation data that may influence the Federal Reserve's next policy decision.

Spot gold was up 0.2% at $2,524.54 per ounce, as of 0842 GMT. US gold futures edged 0.4% higher to $2,553.80.

The dollar index slipped 0.2%, making greenback-priced bullion more attractive to buyers holding other currencies, Reuters reported.

The US inflation Consumer Price Index (CPI) data is due at 1230 GMT. The headline CPI is expected to have risen 0.2% on a month-on-month basis in August, according to a Reuters poll, unchanged from the previous month.

The Fed will lower interest rates by 25 basis points at each of the three remaining policy meetings in 2024, according to a majority of economists in a Reuters poll that found only nine of 101 expected a half-percentage-point cut next week.

Lower rates boost the appeal of holding non-yielding bullion.

A rate cut should suggest a weaker dollar and by extension gold would benefit but the market might have over-positioned ahead of the long awaited Fed pivot, so prices might go lower before marching much higher, said independent analyst Ross Norman.

"Gold maintains its range-trading, but with a positive bias. We may see fresh highs in gold in 2024 and I would not be surprised to see a test of $2,650," Norman added.

Other data points due this week include the US producer Price Index reading and initial jobless claims.

Bullion has gained more than 22% so far this year and scaled successive record highs, fuelled by rate-cut optimism, geopolitical turmoil and robust central bank demand.

Among other metals, spot silver was up 1.3% at $28.76 per ounce, platinum inched 0.1% higher to $938.34 and palladium firmed 1.1% to $975.50.



GAIN Summit Showcases International Experiences in Governing AI Usage 

Discussions on Tuesday focused on utilizing AI to support and accelerate development programs and to create ideal opportunities for improving social life and its quality.  (SPA)
Discussions on Tuesday focused on utilizing AI to support and accelerate development programs and to create ideal opportunities for improving social life and its quality.  (SPA)
TT

GAIN Summit Showcases International Experiences in Governing AI Usage 

Discussions on Tuesday focused on utilizing AI to support and accelerate development programs and to create ideal opportunities for improving social life and its quality.  (SPA)
Discussions on Tuesday focused on utilizing AI to support and accelerate development programs and to create ideal opportunities for improving social life and its quality.  (SPA)

The first day of the third Global Artificial Intelligence Summit (GAIN) in Riyadh featured ministers responsible for technology and communications sectors, showcasing their countries' experiences in implementing regulations and controls to maximize the benefits of AI technologies.

GAIN is organized by the Saudi Data and AI Authority (SDAIA) and runs through September 12.

Discussions on Tuesday focused on utilizing AI to support and accelerate development programs and to create ideal opportunities for improving social life and its quality.

Ministers emphasized the importance of implementing regulations to neutralize the risks and threats associated with AI technologies and highlighted the need to use and benefit from AI in accordance with international ethics and norms.

South African Minister of Science and Technology and Innovation Dr. Bonginkosi Nzimande commended the important role of the global summit hosted by SDAIA. He emphasized that the summit provides an ideal environment and platform for international coordination.

He said this coordination will help developing countries keep up with and compete against technologically advanced countries through genuine international cooperation. This technology is a significant contributor to the renaissance of countries and humanity.

Gabon’s Minister of Communication and Media Laurence Ndong emphasized her country's commitment to collaborating with the United Nations Educational, Scientific and Cultural Organization (UNESCO) to develop policies for governing and regulating AI technologies.

Such policies aim to ensure the optimal use of AI technologies for the benefit of Gabon's infrastructure and national development, she stressed.

Ndong also highlighted the importance of addressing the challenges and threats posed by these technologies to government institutions and societies, emphasizing the need for international cooperation to ensure that AI serves humanity as a whole.

Bahrain’s Information and eGovernment Authority Chief Executive Mohammed Ali Al-Qaed reviewed the experiences of several leading countries in AI fields. He discussed the measures and regulations these countries have taken for the use of technologies based on value-based principles that preserve the ethics and culture of their people.

Bahrain is also following a similar path, taking into account the continuous and instant development in this field, he added. Legislation is being constantly developed, especially as it experiences significant and ongoing advancements.

Cambodia’s Ministry of Post and Telecommunications Secretary of State Makara Khov emphasized that his country recognizes the inherent dangers and threats posed by AI technologies.

Cambodia has taken significant measures to address such risks by implementing regulations and procedures governing the use of AI in government institutions and society. The measures have enabled Cambodia to mitigate many risks and threats, while harnessing the potential of essential technologies such as AI.

Oman’s Ministry of Communications and Information Technology Undersecretary Dr. Ali Al-Shidhani agreed with the ministers and officials noted the Sultanate’s successful experience using technologies to develop human resources in various fields and improve its education and health sectors.

Germany’s Ministry of Digital and Transport State Secretary Stefan Schnorr emphasized the importance of addressing the risks associated with technology, especially AI, at the social and geopolitical levels. He called for collaborative efforts between countries and organizations to neutralize these dangers and promote innovation.

Serbia’s Ministry of Science, Technological Development, and Innovation State Secretary Dr. Miroslav Trajanovic warned of the rapid changes and advancements in AI technologies. He emphasized the need for flexible and dynamic measures and laws that can be continually updated to keep pace with these evolving technologies.

Trajanovic stressed that effectively addressing the challenges and threats accompanying AI technologies requires intelligence, professionalism, and the implementation of optimal ways and mechanisms to benefit from them.

Senegal Director of Information and Communication Technology Aissatou Jeanne Ndiaye confirmed that the Senegalese government has utilized AI technologies to support education and scientific research. She emphasized the importance of considering these technologies' potential risks and threats and noted that measures, procedures, and regulations have been implemented to address such concerns.