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WTO to Hold Special Meeting End-Nov to Weigh Chief's Reappointment

A logo is pictured outside the World Trade Organization (WTO) in Geneva, Switzerland, September 28, 2021. REUTERS/Denis Balibouse/File Photo
A logo is pictured outside the World Trade Organization (WTO) in Geneva, Switzerland, September 28, 2021. REUTERS/Denis Balibouse/File Photo
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WTO to Hold Special Meeting End-Nov to Weigh Chief's Reappointment

A logo is pictured outside the World Trade Organization (WTO) in Geneva, Switzerland, September 28, 2021. REUTERS/Denis Balibouse/File Photo
A logo is pictured outside the World Trade Organization (WTO) in Geneva, Switzerland, September 28, 2021. REUTERS/Denis Balibouse/File Photo

The World Trade Organization plans a special meeting of its top decision-making body later this month where a decision could be made on the reappointment its Director-General Ngozi Okonjo-Iweala, a document showed on Tuesday.

According to Reuters, a WTO document sent by the General Council chair said the meeting would take on Nov. 28-29 and that the second day "could then provide an opportunity for Members to take a decision on the appointment of the next Director-General".

Okonjo-Iweala is the sole candidate for the job but some have observed that the WTO's months-long reappointment process could allow for US President-elect Donald Trump's team to oppose her candidacy.

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Gold Steady as Focus Shifts to US Data for Economic Cues

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Steady as Focus Shifts to US Data for Economic Cues

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices were little changed on Monday, while investors awaited a slew of US economic data including the December nonfarm payrolls report for further guidance on the Federal Reserve's stance on interest rates.
Spot gold held its ground at $2,635.39 per ounce by 0510 GMT. US gold futures dropped 0.2% to $2,646.80.
How the US jobs data fares this week could hold the key to whether gold breaks out of its recent range, said Tim Waterer, chief market analyst at KCM Trade.
"There is a plethora of US data due for release this week (including ISM Services PMI data), and any downside misses could hurt the USD and help gold."
The US jobs report, due on Friday, is expected to provide more clues to the Fed's rate outlook after the US central bank rattled markets last month by reducing its projected cuts for 2025.
Investors are also awaiting ADP hiring and job openings data, as well as minutes of the Fed's last policy meeting for further direction.
Gold flourishes in a low-interest-rate environment and serves as a hedge against geopolitical uncertainties and inflation.
US President-elect Donald Trump is set to return to office on Jan. 20 and his proposed tariffs and protectionist policies are expected to fuel inflation.
This could prompt the Fed to go slow on rate cuts, limiting gold's upside. After three rate cuts in 2024, the Fed has projected only two reductions for 2025 due to persistent inflation.
The US central bank's benchmark policy rate should stay restrictive until it is more certain that inflation is returning to its 2% target, Richmond Federal Reserve President Thomas Barkin said on Friday.
Spot silver was down 0.2% at $29.57 per ounce, platinum dipped 0.7% to $931.30 and palladium fell 0.4% to $918.22.