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Macron Meets with Saudi Businessmen to Promote Bilateral Investments

Macron met on Saturday with a group of Saudi businessmen (X)
Macron met on Saturday with a group of Saudi businessmen (X)
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Macron Meets with Saudi Businessmen to Promote Bilateral Investments

Macron met on Saturday with a group of Saudi businessmen (X)
Macron met on Saturday with a group of Saudi businessmen (X)

French President Emmanuel Macron held an extensive discussion session with a group of prominent Saudi business leaders, in the presence of Saudi Minister of Investment Eng. Khalid Al-Falih with the aim to foster and expand mutual investments between the two countries.

In remarks on X, Al-Falih said Saturday that during his visit to France, he participated in a workshop for the Global Green Neighborliness Initiative and held meetings with CEOs of major French companies to stimulate and enhance joint investments.

Additionally, Al-Falih met with France’s Minister for Europe and Foreign Affairs, Jean-Noël Barrot, who hosted a reception for Saudi and French companies.

In a separate meeting of the Saudi-French Ministerial Committee for the Development of AlUla, Al-Falih, along with Saudi Foreign Minister Prince Faisal bin Farhan Al Saud and Saudi Minister of Culture Prince Badr bin Abdullah bin Farhan, reviewed the progress and achievements of the Royal Commission for AlUla.

The commission aims to position this unique site as a global destination for investments in tourism and cultural heritage.

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Gold Rebounds to End 6-Session Losing Streak as Dollar Rally Pauses

A view shows ingots 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
A view shows ingots 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
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Gold Rebounds to End 6-Session Losing Streak as Dollar Rally Pauses

A view shows ingots 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
A view shows ingots 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

Gold prices rebounded on Monday, having posted losses in the previous six sessions, with gains driven by a pause in the dollar's rally, while investors await comments from the Federal Reserve officials for clarity on the interest rate trajectory.
Spot gold rose 1% to $2,587.83 per ounce by 0917 GMT, moving away from a two-month low hit on Thursday. US gold futures were up 0.9% at $2,592.20.
Gold prices last week saw their biggest weekly decline in over three years as expectations of less-aggressive interest rate cuts by the Fed boosted the dollar.
However, the dollar was holding flat below Thursday's one-year high after rising 1.6% last week. A softer dollar makes bullion less expensive for buyers holding other currencies, Reuters said.
"We can look to the dollar for a significant part of the current gold price corrections ... I'm not saying you've found a solid physical floor yet, but clearly, some opportunistic buying is coming in to support the market as well," independent analyst Ross Norman said.
"As the year ends, we will see volatility in gold prices and there'll be some books clearing and profit-taking, regardless of what the Fed does in December."
Recent US economic data has reduced expectations for a December rate cut by the Fed. At least seven US central bank officials are due to speak this week.
Higher interest rates make holding gold, which doesn't pay any interest, less attractive.
"President Trump's inauguration is likely to see an ongoing strengthening of the USD (US dollar), which is negative for gold in the short to medium term. However, as his stated policies are likely to be significantly inflationary in the long term, this will benefit gold," said Michael Langford, chief investment officer at Scorpion Minerals.
Spot silver rose 1.4% to $30.63 per ounce, platinum added 1.4% at $951.59 and palladium climbed 1.8% to $967.62.