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Mawani Expands Jeddah Islamic Port Connectivity with MER1 Shipping Service

Mawani Expands Jeddah Islamic Port Connectivity with MER1 Shipping Service
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Mawani Expands Jeddah Islamic Port Connectivity with MER1 Shipping Service

Mawani Expands Jeddah Islamic Port Connectivity with MER1 Shipping Service

The Saudi Ports Authority (Mawani) has added the Middle East Red Sea 1 (MER1) shipping service to the Jeddah Islamic Port through a strategic partnership between CStar Line and UGL.
The addition will expand the Kingdom's maritime connectivity with the Middle East, the countries bordering the Red Sea, and Horn of Africa.
The launch of MER1 is part of Mawani's endeavors to improve Saudi Arabia's position in the global maritime network, increase ports operational efficiency, and strengthen connections with international markets. This ultimately supports export and import activities, contributing to the National Transport and Logistics Strategy's goal of establishing Saudi Arabia as a leading global logistics hub, SPA reported.
The new shipping service connects Jeddah Islamic Port with key ports in India, UAE, Djibouti, and Yemen. With a capacity of 1,600 TEUs, MER1 will further bolster trade and economic relations between Saudi Arabia and these countries.

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Gold Prices Extend Gains as Equities, Bond Yields Weaken

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Prices Extend Gains as Equities, Bond Yields Weaken

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices extended gains to a second session on Wednesday, driven by weaker equities and bond yields, while traders eagerly await US economic data to gauge the Federal Reserve's timeline on a potential rate reduction.

Spot gold was up 0.5% at $2,675.25 per ounce, as of 1033 GMT, and trading about $10 below a record high of $2,685.42 scaled last month. US gold futures gained 0.5% to $2,691.90, Reuters reported.

"Seems the gold market wants to see a record high, with prices marginally below the late-September record high with support coming from a slightly risk-off environment with equities down," UBS analyst Giovanni Staunovo said.

Safe-haven bullion tends to be a preferred investment in a low interest rate environment and during economic and geopolitical turmoil.

"The uncertainly surrounding US elections and geopolitical tensions will also support gold going forward," said ANZ commodity strategist Soni Kumari.

The benchmark 10-year note yields slipped to more than a one-week low, making non-yielding gold more attractive.

Market participants are keeping a keen eye on US retail sales, industrial production and weekly jobless claims data, due on Thursday.

Gold needs a stronger-than-expected data to change the rate-cut trajectory, but this should still boost investment demand and drive prices to a record high in the coming months, UBS' Staunovo said.

San Francisco Federal Reserve Bank President Mary Daly said the central bank remains on track for more cuts this year as long as data meets expectations.

Delegates at the London Bullion Market Association's annual gathering predicted gold prices would rise to $2,941 over the next 12 months and silver prices would jump to $45 per ounce.

Spot silver firmed 1.1% to $31.83. Platinum rose 0.6% to $990.05 and palladium was up 0.6% to $1,015.75.

The Guangzhou Futures Exchange (GFEX) will launch platinum and palladium futures in Q1 2025, according to the producers' council.