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 Slips, Heads for Worst Week in Six Months on Easing Trade Tensions

A 12.441 kg gold bar sits amongst one kilogram gold cast bars with 99.99% purity ready for sale at the ABC Refinery in Sydney, Australia, Wednesday, April 30, 2025. (AP Photo/Mark Baker)
A 12.441 kg gold bar sits amongst one kilogram gold cast bars with 99.99% purity ready for sale at the ABC Refinery in Sydney, Australia, Wednesday, April 30, 2025. (AP Photo/Mark Baker)
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Gold Slips, Heads for Worst Week in Six Months on Easing Trade Tensions

A 12.441 kg gold bar sits amongst one kilogram gold cast bars with 99.99% purity ready for sale at the ABC Refinery in Sydney, Australia, Wednesday, April 30, 2025. (AP Photo/Mark Baker)
A 12.441 kg gold bar sits amongst one kilogram gold cast bars with 99.99% purity ready for sale at the ABC Refinery in Sydney, Australia, Wednesday, April 30, 2025. (AP Photo/Mark Baker)

Gold prices slipped more than 1% on Friday and were heading for their worst week in six months, as an overall higher dollar and a temporary US-China trade agreement dented demand for the safe-haven metal among investors.

Spot gold was down 0.9% to $3,210.19 an ounce as of 0933 GMT. Bullion has lost more than 3% so far this week and is set for its worst weekly performance since November 2024.

US gold futures fell 0.4% to $3,213.60.

"We've gone through a week where there have been optimistic signals in terms of trade negotiations and we have seen the dollar appreciate on the course, which is weighing on gold prices," said Nitesh Shah, commodities strategist at WisdomTree.

Earlier this week, the US and China agreed to temporarily slash the harsh tit-for-tat tariffs imposed in April, lifting sentiment in the wider financial markets.

The dollar index was subdued on the day, but was heading for its fourth straight weekly gain, making gold less attractive for other currency holders.

Gold, used as a safe store of value during times of political and financial uncertainty, scaled an all-time high of $3,500.05 per ounce last month, boosted by central bank buying, tariff war fears and strong investment demand.

Offering some respite to gold, signs of slowing inflation and weaker-than-expected economic data in the United States this week cemented bets of more Federal Reserve rate cuts this year.

Non-yielding gold tends to thrive in a low-rate environment.

"On the plus side, gold price dips continue to attract buyers, which shows that the precious metal remains a favored asset, with the global growth and inflation outlooks still looking rather murky," said KCM Trade Chief Market Analyst Tim Waterer.

Elsewhere, spot silver dipped 1.2% to $32.28 an ounce, platinum eased 0.4% to $985.30 and palladium lost 1% to $958.56.