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Saudi Arabia, Egypt Sign Agreement on Maritime Connectivity at Global Logistics Forum

Saudi Minister of Transport and Logistic Services and Chairman of the Board of Directors of the Transport General Authority Saleh Al-Jasser and Egypt’s Minister of Transport and Industry Lieutenant General Kamel Al-Wazir signed the MoU on the sidelines of the first edition of the Global Logistics Forum in Riyadh. (SPA)
Saudi Minister of Transport and Logistic Services and Chairman of the Board of Directors of the Transport General Authority Saleh Al-Jasser and Egypt’s Minister of Transport and Industry Lieutenant General Kamel Al-Wazir signed the MoU on the sidelines of the first edition of the Global Logistics Forum in Riyadh. (SPA)
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Saudi Arabia, Egypt Sign Agreement on Maritime Connectivity at Global Logistics Forum

Saudi Minister of Transport and Logistic Services and Chairman of the Board of Directors of the Transport General Authority Saleh Al-Jasser and Egypt’s Minister of Transport and Industry Lieutenant General Kamel Al-Wazir signed the MoU on the sidelines of the first edition of the Global Logistics Forum in Riyadh. (SPA)
Saudi Minister of Transport and Logistic Services and Chairman of the Board of Directors of the Transport General Authority Saleh Al-Jasser and Egypt’s Minister of Transport and Industry Lieutenant General Kamel Al-Wazir signed the MoU on the sidelines of the first edition of the Global Logistics Forum in Riyadh. (SPA)

Saudi Arabia and Egypt signed on Monday a memorandum of understanding on maritime connectivity.

Saudi Minister of Transport and Logistic Services and Chairman of the Board of Directors of the Transport General Authority Saleh Al-Jasser and Egypt’s Minister of Transport and Industry Lieutenant General Kamel Al-Wazir signed the MoU on the sidelines of the first edition of the Global Logistics Forum in Riyadh.

The forum is being held from October 12 to 14 under the slogan "Reshaping the Global Map of Logistics".

The MoU will boost cooperation and joint work in maritime connectivity for passenger transport. It stipulates exchange of expertise to qualify specialized cadres in emerging fields, develop the quality and efficiency of maritime transport services, and improve the experience of their beneficiaries.

The areas of cooperation include yacht and marine passenger ship transport activities, as well as passenger ferries.

Attending the forum were ministers and senior officials, leaders of international organizations and industrial unions, as well as experts, academics and analysts.

With 130 speakers and 80 exhibitors representing 30 countries, the forum showcases a wide range of perspectives and expertise.

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Gold Steady as Investors Assess China's Stimulus Plans

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 Steady as Investors Assess China's Stimulus Plans

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 prices held steady on Monday as investors assessed China's weekend stimulus announcement, while also focusing on US Federal Reserve officials' comments for further rate cut cues.
Spot gold was little changed at $2,657.93 per ounce by 0548 GMT. Bullion rose nearly 1% in the previous session, Reuters said.
US gold futures were flat at $2,675.00.
The potential commitment to fiscal stimulus from China suggests a healthier economy, which bodes well for gold demand but the market needs to see more concrete measures, said Tim Waterer, chief market analyst at KCM Trade.
China on Saturday said it would "significantly increase" debt to revive its sputtering economy, but left investors guessing on the overall size of the stimulus package.
Investors will watch out for comments from Fed officials this week for more hints on the upcoming rate cuts, along with US retail sales data.
"If the Fed speakers this week create some further doubt over how many rate cuts could occur between now and year-end, any resulting upside in the dollar could see gold support levels around $2,600 again being tested," Waterer said.
Data on Friday showed unchanged US producer prices last month, cementing the case for quarter-point US interest-rate cuts at upcoming Fed policy meetings.
Traders see a roughly 89% chance of the Fed cutting rates by 25 basis points at its November meeting, and an 11% chance of it leaving rates unchanged.
The zero-yielding bullion is preferred in a low-interest rate environment.
The dollar index rose 0.1%, putting pressure on greenback priced-metals. A stronger dollar makes them less attractive to other currency holders.
Spot silver fell 0.4% to $31.39 per ounce and platinum shed 1% to $974.88. Both were set to snap a two-session winning streak.
Palladium extended its decline, falling 0.9% to $1,058.98.