UAE, Japan Launch Talks to Reach Comprehensive Economic Partnership Agreement

This handout picture provided by the UAE Presidential Court shows UAE President Sheikh Mohamed bin Zayed  Al Nahyan bidding farewell to the Egyptian foreign minister after their meeting during the latter's visit, at Shati Palace in Abu Dhabi on September 8, 2024. (Photo by Ryan CARTER / UAE PRESIDENTIAL COURT / AFP)
This handout picture provided by the UAE Presidential Court shows UAE President Sheikh Mohamed bin Zayed Al Nahyan bidding farewell to the Egyptian foreign minister after their meeting during the latter's visit, at Shati Palace in Abu Dhabi on September 8, 2024. (Photo by Ryan CARTER / UAE PRESIDENTIAL COURT / AFP)
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UAE, Japan Launch Talks to Reach Comprehensive Economic Partnership Agreement

This handout picture provided by the UAE Presidential Court shows UAE President Sheikh Mohamed bin Zayed  Al Nahyan bidding farewell to the Egyptian foreign minister after their meeting during the latter's visit, at Shati Palace in Abu Dhabi on September 8, 2024. (Photo by Ryan CARTER / UAE PRESIDENTIAL COURT / AFP)
This handout picture provided by the UAE Presidential Court shows UAE President Sheikh Mohamed bin Zayed Al Nahyan bidding farewell to the Egyptian foreign minister after their meeting during the latter's visit, at Shati Palace in Abu Dhabi on September 8, 2024. (Photo by Ryan CARTER / UAE PRESIDENTIAL COURT / AFP)

UAE President Sheikh Mohamed bin Zayed Al Nahyan said Wednesday that relations between the UAE and Japan are built on a long history of strategic cooperation across various fields.

He expressed hope that these ties will be further bolstered by the launch of talks towards a Comprehensive Economic Partnership Agreement, which will foster new avenues for collaboration and support the sustainable economic growth of both nations and their people.

The launch of the talks reflects a mutual commitment to elevate the two countries’ relationship to new levels of cooperation, said the President. He noted that, by facilitating investment and supporting innovation, the agreement will play an important role in the nation’s economic diversification efforts, while also providing more opportunities for collaboration between the business communities of both countries.

In a post on his X account, Japanese Prime Minister Fumio Kishida highlighted the significance of the commencement of CEPA negotiations

“I expect that the conclusion of an ambitious, balanced, and comprehensive Economic Partnership Agreement between Japan and the UAE, in addition to the Japan-GCC Free Trade Agreement, whose negotiations will proceed in parallel with the Japan-UAE negotiations, will contribute to the strengthening of economic relations and other fields between the two countries,” he said.



Gold Holds Ground as Jobs Data offsets Safe-haven Demand

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
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Gold Holds Ground as Jobs Data offsets Safe-haven Demand

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Gold prices held steady on Wednesday as stronger US jobs data countered safe-haven demand driven by simmering trade tensions between the US and China.

Spot gold was steady at $3,349.19 an ounce, as of 1145 GMT. US gold futures were unchanged at $3,373.10.

"US labor data gave markets a bit of relief yesterday, causing a small dip in gold prices. However, tensions between the US and China are still keeping risks high and gold prices supported," said Zain Vawda, market analyst at MarketPulse by OANDA.

Job openings in the US rose in April, though layoffs surged to their highest level in nine months, economic data showed, hinting at softening labor market conditions, Reuters reported.

Donald Trump said on Wednesday that Chinese President Xi Jinping is tough and "extremely hard to make a deal with," days after the US President accused China of violating an agreement to roll back tariffs and trade restrictions.

Washington doubled its tariffs on steel and aluminium imports on Wednesday, the same day the Trump administration expects trading partners to make "best offers" to avoid other punishing import levies from taking effect in early July.

The focus will be on Friday's US non-farm payrolls data for more cues on the Federal Reserve's policy path. Federal Reserve's policy path. Fed officials have reiterated their cautious policy stance, citing risks from trade tensions and economic uncertainty.

"If the data is stronger than expected, interest rate cut expectations are likely to wane, which would weigh on the gold price," said Commerzbank analyst Carsten Fritsch.

"We see gold trading in a range between $3,300 and $3,400 per troy ounce in the short term."

Gold, a safe-haven asset during times of political and economic uncertainty, tends to thrive in a low-interest-rate environment.

Elsewhere, spot silver fell 0.5% to $34.32 an ounce, platinum rose 1.1% to $1,085.50 and palladium lost 0.5% to $1,005.11.