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King Fahd University of Petroleum and Minerals Tops The Times Global Ranking

Saudi Minister of Energy Prince Abdulaziz bin Salman. SPA file photo
Saudi Minister of Energy Prince Abdulaziz bin Salman. SPA file photo
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King Fahd University of Petroleum and Minerals Tops The Times Global Ranking

Saudi Minister of Energy Prince Abdulaziz bin Salman. SPA file photo
Saudi Minister of Energy Prince Abdulaziz bin Salman. SPA file photo

King Fahd University of Petroleum and Minerals (KFUPM) has topped universities in the Middle East and Africa in the Times Higher Education global ranking, becoming the number one institution not only in the Arab world but across the entire Middle East and Africa region.

This achievement surpasses all universities in Saudi Arabia, the Gulf, Türkiye, South Africa, and other countries in the region.

Saudi Energy Minister Prince Abdulaziz bin Salman pledged that KFUPM would serve as a model not only for the Arab and Islamic worlds but also globally in terms of education. He emphasized that the university would set an example in both higher education and undergraduate programs, aligning with Saudi Arabia’s aspirations.

He added: “We used to say that our ambition knows no bounds except the sky. Now, seeing these tangible outcomes, we believe our ambition must reach the sky.”

KFUPM is a Saudi public university that was officially established by royal decree on Sept. 23, 1963.

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Gold Gains as Dollar off 2-month Highs on Fed Rate Cut Expectations

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
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Gold Gains as Dollar off 2-month Highs on Fed Rate Cut Expectations

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold extended gains after the release of the latest data on US producer prices on Friday, as the US dollar pulled back from two-month highs on heightened expectations for a Federal Reserve rate cut in November.

Spot gold rose 0.7% to $2,647.55 per ounce by 1316 GMT. US gold futures gained about 1% to $2,665.

US producer prices were unchanged in September, pointing to a still-favorable inflation outlook and supporting views that the Fed would cut interest rates again next month.

"After stronger-than-expected US jobs data and higher-than-expected inflation data, the market is a bit split on how many rate cuts we will see from the Fed over the coming months," UBS analyst Giovanni Staunovo said, Reuters reported.

Data on Thursday showed US consumer prices rose slightly more than expected in September, but the annual increase in inflation was the smallest in more than 3-1/2 years.

Slowly cooling inflation and a US job market that remains strong but at the risk of deteriorating give a green light for more interest-rate cuts in coming months, Fed policymakers indicated on Thursday.

The CME FedWatch tool shows markets currently see an 84.4% chance of a 25-basis-point rate reduction in November and a 15.6% probability of the Fed keeping rates on hold.

"Gold prices are likely to stay volatile in the short term, but we look for higher prices as we look for further rate cuts by the Fed," Staunovo said.

Gold is on track for its second straight week of declines after prices retreated from a record high of $2,685.42 hit last month.

Physical gold dealers in India charged premiums for the first time in two months this week as the upcoming festival season attracted some jewellery buying.

Spot silver rose 0.7% to $31.41 per ounce and platinum climbed 1.2% to $979.20. Both metals were headed for weekly declines.

Palladium firmed 0.2% at $1,071 and was up nearly 6% for the week.