Riyadh Air Orders 60 Airbus A321-family Jets

A civilian aircraft flies over the skies of the Saudi capital (Riyadh Air)
A civilian aircraft flies over the skies of the Saudi capital (Riyadh Air)
TT

Riyadh Air Orders 60 Airbus A321-family Jets

A civilian aircraft flies over the skies of the Saudi capital (Riyadh Air)
A civilian aircraft flies over the skies of the Saudi capital (Riyadh Air)

Saudi startup Riyadh Air said on Tuesday it had ordered 60 Airbus narrowbody A321-family jets as it prepares to start operations in 2025.

The deal, signed at the Future Investment Initiative forum in Riyadh, brings to 132 the total number of jets ordered by Saudi Arabia's newest carrier, which last year ordered 39 Boeing 787 Dreamliners with options for 33 more.

The A321 deal would be worth around $4 billion after typical discounts, based on estimated delivery prices from Cirium Ascend, Reuters reported.

The airline had cautioned that it was in the midst of a sequence of potential orders and that it was studying both Boeing and Airbus for the next narrowbody purchase.



Gold and Silver Prices Rise after Profit-taking

A view shows granules 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 Purchase Licensing Rights
A view shows granules 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 Purchase Licensing Rights
TT

Gold and Silver Prices Rise after Profit-taking

A view shows granules 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 Purchase Licensing Rights
A view shows granules 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 Purchase Licensing Rights

Gold and silver prices rose on Friday, recovering from profit-taking during the previous session, while investors braced for US payrolls data for further clues about the Federal Reserve's interest rate outlook.

Spot gold added 0.3% to $2,753.09 per ounce by 1125 GMT. Prices fell by 1.5% on Thursday as some traders took profit after the precious metal hit a record high of $2,790.15.

"Despite Thursday's correction, gold remains in a strong uptrend with several positive factors aligned to drive further gains," said Hugo Pascal, precious metals trader at InProved, Reuters reported.

Bullion rose by 4% in October due to investor anxiety about the US Nov. 5 presidential election. Polls indicate a close race between Donald Trump and Kamala Harris.

The market is also awaiting the US nonfarm payrolls report, due at 1230 GMT, for clues about the health of the world's largest economy. The Fed is widely expected to deliver a 25-basis-point rate cut next week.

Citi said in a note that gold prices were on track to hit $3,000 per ounce over the next six months amid a deterioration in the US labor market and demand from physically backed gold exchange-traded funds (ETFs).

Global gold ETFs, which had three consecutive years of outflows against a backdrop of high interest rates, saw a fifth consecutive month of inflows in September.

Meanwhile, high gold prices, which have risen 33% so far this year and are heading for the largest annual growth since 1979, continue to affect physical demand in major Asian regions.

In China, gold consumption fell by 11% in the first nine months of 2024. In India, the share of coins and bars in sales is rising as buyers are unwilling to pay increased making charges for jewellery.

Among other metals, spot silver was up 0.5% at $32.82 per ounce, while platinum gained 0.6% to $993.55 and palladium added 1.4% to $1,121.52.