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‘Powering the Future Toward Net Zero’ Forum Starts Sunday in Dammam

‘Powering the Future Toward Net Zero’ Forum Starts Sunday in Dammam
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‘Powering the Future Toward Net Zero’ Forum Starts Sunday in Dammam

‘Powering the Future Toward Net Zero’ Forum Starts Sunday in Dammam

The International Forum "Powering the Future Toward Net Zero", organized by the Gulf Cooperation Council Interconnection Authority (GCCIA) in collaboration with the Electric Power Research Institute (EPRI), GO15, and Med-TSO in Al Khobar, will be held in Dammam on October 27 under the patronage of Governor of the Eastern region Prince Saud bin Nayef bin Abdulaziz.
GCCIA CEO Eng. Ahmed Al Ebrahim stressed that the main sessions of the two-day forum will discuss the energy sector's strategy to achieve net-zero emissions and accelerate decarbonization efforts through global collaboration and innovation, SPA reported.
He pointed out that discussions will revolve around enhancing the regional grid to enable a reliable, affordable, and zero-emissions future. They will also highlight the role of a strong regional grid infrastructure in achieving net-zero emissions targets, showcase grid improvement technologies, and explore modern technologies, advanced planning, and operational capabilities necessary to enhance grid resilience, affordability, and market shifts essential for supporting the energy transition.
Discussions at the forum will also cover emerging technologies in AI, grid operations, and planning.
Al Ebrahim said that a variety of discussions led by experts from GCCIA, GO15, Med-TSO, and EPRI, and covering critical topics such as grid planning, market reforms, the role of AI in grid operations, and the deployment and enhancement of grid technologies will also be held during the forum.
He added that CEOs, advisors, and government representatives from the GCC, North America, Europe, and Asia will provide unique perspectives in the course of discussions, ensuring a comprehensive exploration of strategies to enable a reliable and sustainable energy transition.

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Gold Extends Slide to 1-week Low on Curbed Safety Demand, Stronger Dollar

A view shows an ingot 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/File Photo
A view shows an ingot 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/File Photo
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Gold Extends Slide to 1-week Low on Curbed Safety Demand, Stronger Dollar

A view shows an ingot 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/File Photo
A view shows an ingot 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/File Photo

Gold prices extended declines on Tuesday, hitting a more than one-week low, pressured by a jump in US dollar and easing safe-haven demand after reports of a possible Lebanon-Israel ceasefire.

Spot gold was down 0.4% at $2,614.56 per ounce as of 0845 GMT, after hitting its lowest since Nov. 18 earlier in the session. US gold futures edged 0.1% lower to $2,614.80, Reuters reported.

The precious metal fell 3.2% on Monday, its deepest one-day decline in more than five months, on news that Israel looked set to approve a US plan for a ceasefire with the Iran-backed Hezbollah, with further pressure from Trump's nomination of Scott Bessent as the US Treasury secretary.

Meanwhile, the Kremlin said it had noted that Trump's circle was speaking about a potential peace plan for Ukraine.

"This has reduced the geopolitical risk premium, leading to a decline in gold prices," said Soni Kumari, a commodity strategist at ANZ, adding that a stronger US dollar is also weighing on investor appetite for gold. The dollar was up by 0.3%, after US President-elect Donald Trump vowed tariffs against Mexico, Canada and China, reducing gold's appeal for holders of other currencies.

"So now the focus will shift back to, what Fed is going to do in December meeting," Kumari said. Federal Reserve Bank of Minneapolis President Neel Kashkari, typically on the hawkish end of the US central bank's policy spectrum, said he is open to cutting rates again next month.

Traders will also keep a close eye on US consumer confidence data and the minutes from the Fed's November meeting later in the day.

"I expect gold to trade in a narrow range in the short term, with a slight upward drift," Matt Simpson, a senior analyst at City Index said.

Spot silver slipped by 0.1% to $2,614.80 per ounce, platinum shed 1.1% to $928.40 and palladium was down 0.2% to $971.10.