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Saudi Exports Launches 'Import from Saudi' to Boost National Products in New Global Markets

The flag of Saudi Arabia (Asharq Al-Awsat)
The flag of Saudi Arabia (Asharq Al-Awsat)
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Saudi Exports Launches 'Import from Saudi' to Boost National Products in New Global Markets

The flag of Saudi Arabia (Asharq Al-Awsat)
The flag of Saudi Arabia (Asharq Al-Awsat)

The Saudi Export Development Authority (Saudi Exports) has launched the "Import from Saudi" Service, designed to connect international importers with Saudi exporters, streamline the import process and promote Saudi products in new global markets.
This service aligns with the authority's mission to expand the reach and presence of Saudi products internationally, contributing to the sustainable growth of the Kingdom of Saudi Arabia's non-oil exports, SPA reported.
Saudi Exports Spokesperson Thamer Al-Mishrafi emphasized the authority's commitment to broadening the commercial horizons for national products.

He highlighted the importance of developing innovative solutions and supportive services to achieve the ambitious objective of increasing the percentage of non-oil exports and bolstering their contribution to the national economy.
Importers can register on the Saudi Exports website to gain easy access to Saudi exporters, gather information about Saudi products, and receive guidance in locating suitable companies. Upon registration, a database is created that includes the importers' contact details and specific import needs.

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Gold Retreats as Investors Await US Economic Data

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 Retreats as Investors Await US Economic Data

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 eased on Monday, weighed down by a firmer dollar and higher Treasury yields while traders await a slew of US economic data for guidance on the US Federal Reserve's interest rate stance.

Spot gold lost 0.5% to $2,732.98 an ounce by 1230 GMT. Bullion hit a record high of $2,758.37 last Wednesday, lifted by safe-haven demand in the face of market risks from continuing conflict in the Middle East and Ukraine.

US gold futures declined 0.3% to $2,745.10.

The dollar index was on track for its best month since April 2022, with the currency's strength making gold less attractive for buyers holding other currencies. Yields on benchmark 10-year Treasuries, meanwhile, rose to a three-month high.

"Prospects of lower US interest rates have room to support further investment demand and lift gold prices. We look for gold to hit $2,900/oz in 12 months," said UBS analyst Giovanni Staunovo.

Major data due this week includes ADP employment on Wednesday, US Personal Consumption Expenditures (PCE) numbers on Thursday and Friday's payrolls report.

Traders see a nearly 97% chance of an interest rate cut of 25 basis points by the Fed in November, which would provide further support for non-yielding gold, Reuters reported.

On the physical front, Chinese gold consumption dropped 11.2% year on year in first three quarters of 2024 as high prices dented demand for jewellery, the state-backed gold association said.

"While physical demand in Asia, particularly in China, has been weak lately, I guess the focus when it comes to gold demand is shifting from East to West," Staunovo added.

Spot silver was down 0.8% at $33.42 an ounce and platinum lost 0.3% to $1,019.30.

Palladium eased 0.6% to $1,186.73, having hit a 10-month high in the previous session after the news that the United States asked Group of Seven allies to consider additional ways to restrict Russian revenue from the metals sector by exploring restrictions on palladium and titanium.