عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia, Oman Sign MoU on Cooperation in Economic Planning

Saudi Arabia, Oman Sign MoU on Cooperation in Economic Planning
TT
TT

Saudi Arabia, Oman Sign MoU on Cooperation in Economic Planning

Saudi Arabia, Oman Sign MoU on Cooperation in Economic Planning

The Saudi Ministry of Economy and Planning and Oman's Ministry of Economy signed on Thursday a memorandum of understanding (MoU) focusing on cooperation in medium- and long-term economic planning, economic studies and modeling, economic policies and plans, and green and circular economies.
The MoU aims to implement cooperation through the exchange of information, expertise, studies, and visits between experts and specialists, as well as the organization of conferences, seminars, and workshops. The agreement will remain in effect for five years.
Saudi Minister of Economy and Planning Faisal Alibrahim and Omani Minister of Economy Dr. Saeed bin Mohammed Al-Saqri signed the MoU, which stipulates enhancing cooperation in economy and planning based on mutual interests and in accordance with the regulations and laws in both countries.
Signing the MoU is part of efforts to enhance cooperation among Gulf Cooperation Council (GCC) countries and boost bilateral relations between Saudi Arabia and Oman.

Most Viewed

 
 
Business

Gold Prices Inch Higher With US Inflation Data in Focus

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)
TT
TT

Gold Prices Inch Higher With US Inflation Data in Focus

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 nudged higher on Thursday, while traders await a key US inflation data due later in the day to gauge the Federal Reserve's future monetary policy stance.
Spot gold was up 0.2% at $2,613.70 per ounce, as of 0602 GMT, after easing for the previous six sessions. Prices scaled a record high last month.
US gold futures also gained 0.2% at $2,630.80, Reuters reported.
The US Consumer Price Index (CPI) for September is due at 1230 GMT and Producer Price Index (PPI) data on Friday.
"If core CPI comes hotter, US Treasury yields will go higher and that is bad for gold. I think there is room for prices to come down, but don't necessarily see a downtrend in the big picture," said Ilya Spivak, head of global macro, Tastylive.
Markets see an 85% chance of a 25-basis-point Fed rate cut in November.
A "substantial majority" of Fed officials at the September meeting supported beginning an era of easier monetary policy with an outsized half-point rate cut, but agreed that further easing will be data-driven, according to its minutes.
The zero-yielding bullion is preferred in a low-interest rate environment as well as amid periods of economic and geopolitical turmoil.
Analysts at BMI increased their 2024 gold price forecast to $2,375 from $2,250, and noted that a potential Fed rate reduction comes against a myriad of geopolitical tensions, with the Middle East jitters and the upcoming US presidential elections at the forefront.
Meanwhile, Israel's plans to strike Iran added to concerns of wider conflict in the Middle East.
Spot silver edged 0.1% higher to $30.48 per ounce.
ANZ upgraded its short-term silver forecast to $34. "Solid industrial demand and stagnant supply are expected to widen the market deficit, presenting a strong investment case," it said.
Platinum added 1.5% to $959.56 and palladium firmed 1% to $1,049.50.