Riyadh Air Plans New Jet Order Decision in H1,2025

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 Plans New Jet Order Decision in H1,2025

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 Riyadh Air is wading back into the jet market after buying dozens of Airbus and Boeing planes and aims to finalise a new deal involving the industry's largest twin-aisle jets early next year, its chief executive said.

The country's newest national airline is weighing up the Boeing 777X and the Airbus A350-1000 and expects to make a decision in the first or second quarters of 2025, CEO Tony Douglas told Reuters.

Riyadh Air last year ordered 39 Boeing 787 wide-body jets with options for another 33 as part of a wider deal also involving existing national carrier Saudia, and last week it added a firm order for 60 Airbus A321neo-family aircraft.

Douglas reiterated that the airline, which plans to start operations next year, ultimately aimed to operate more than 200 aircraft.

Douglas told Reuters in a separate interview last week that Riyadh Air would start formal talks for a new order for large wide-body aircraft within two months.



Gold Hastens Retreat as Dollar Rallies on Trump Victory

FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
TT

Gold Hastens Retreat as Dollar Rallies on Trump Victory

FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa

Gold prices slid more than 3% to a three-week low on Wednesday as investors piled into the US dollar after Republican Donald Trump was elected US president.

Market participants were also looking ahead to the Federal Reserve's interest rate decision on Thursday for further clues on the bank's easing cycle that had helped gold's stunning rally to successive record highs this year.

Spot gold slipped 2.9% to $2,662.99 per ounce, as of 10:10 a.m. ET (1510 GMT), after hitting a three-week low of $2,652.19. The metal was on track to post its biggest daily loss in five months, Reuters reported.

US gold futures shed 3% to $2,668.2.

"A clear presidential victory when the market has been pricing in a contested result, removal of an element of risk, Trump-trades include the dollar's strengthening this morning and the combination of the two has brought gold lower," said StoneX analyst Rhona O'Connell.

Donald Trump recaptured the White House by securing more than the 270 Electoral College votes needed to win the presidency, Edison Research projected.

Investors believe Trump's presidency will bolster the dollar, causing the Federal Reserve pause in its easing cycle if inflation takes off after expected new tariffs.

The dollar index hit a four-month high, making bullion more expensive for overseas buyers.

"Gold will be torn between the risk of rising inflation, potentially slowing the pace of US rate cuts, as tariffs are rolled out," said Ole Hansen, head of commodity strategy at Saxo Bank.

"The FOMC will likely still cut on Thursday but the subsequent language will be studied closely for signs of a pause."

Investors widely expect the Fed to announce a quarter-point rate cut after 50 bps reduction in September.

Commodities from oil and gas to metals and grains dropped as the dollar rallied.

Spot silver fell 4.9% to $31.03 per ounce. Platinum shed 2.8% to $971.7 and palladium was down 3.7% to $1,035.5. All three metals hit their lowest levels in three-weeks.