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Saudi Central Bank, Hong Kong Monetary Authority Sign MoU to Strengthen Collaboration

This photo taken on November 10, 2024 shows an aerial view of fish ponds, rivers and marshes in San Tin in northern Hong Kong, on the border with the Chinese city of Shenzhen (back). (Photo by Peter PARKS / AFP)
This photo taken on November 10, 2024 shows an aerial view of fish ponds, rivers and marshes in San Tin in northern Hong Kong, on the border with the Chinese city of Shenzhen (back). (Photo by Peter PARKS / AFP)
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Saudi Central Bank, Hong Kong Monetary Authority Sign MoU to Strengthen Collaboration

This photo taken on November 10, 2024 shows an aerial view of fish ponds, rivers and marshes in San Tin in northern Hong Kong, on the border with the Chinese city of Shenzhen (back). (Photo by Peter PARKS / AFP)
This photo taken on November 10, 2024 shows an aerial view of fish ponds, rivers and marshes in San Tin in northern Hong Kong, on the border with the Chinese city of Shenzhen (back). (Photo by Peter PARKS / AFP)

The Saudi Central Bank (SAMA), headed by Governor Ayman M. Al-Sayari, and the Hong Kong Monetary Authority (HKMA) Governor Eddie Yue have met in Hong Kong to build on their longstanding cooperation and further deepen ties between the two central banks.

In light of the signed MoU between both institutions, Thursday’s meeting featured in-depth discussions and exchange of views and expertise in several areas, including macroeconomic developments and the outlook for monetary policy, the global landscape for investment and financial markets, and financial infrastructure development with a focus on supervisory technology adoption and the deployment of advanced analytical tools.

The two central banks also explored potential areas of cooperation in financial stability, data analyses, financial innovation, and the development of payment systems.

The meeting took place as part of a high-level visit to Hong Kong led by Al-Sayari, during which he participated in the global Financial Stability Board (FSB) plenary meeting and emerging market and developing economies (EMDEs) forum. During the visit, Al-Sayari participated in a high-level seminar alongside other central-bank governors and senior officials from international financial institutions.

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Gold Hits Four-week Peak on Safe-haven Demand

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 Hits Four-week Peak on Safe-haven Demand

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 rose to a near four-week high on Thursday, supported by safe-haven demand, while investors weighed how US President-elect Donald Trump's policies would impact the economy and inflation.

Spot gold inched up 0.4% to $2,672.18 per ounce, as of 0918 a.m. ET (1418 GMT). US gold futures rose 0.7% to $2,691.80.

"Safe-haven demand is modestly supporting gold, offsetting downside pressure coming from a stronger dollar and higher rates," UBS analyst Giovanni Staunovo said.

The dollar index hovered near a one-week high, making gold less appealing for holders of other currencies, while the benchmark 10-year Treasury yield stayed near eight-month peaks, Reuters reported.

"Market uncertainty is likely to persist with the upcoming inauguration of Donald Trump as the next US president," Staunovo said.

Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries, CNN reported on Wednesday, citing sources familiar with the matter.

Trump will take office on Jan. 20 and his proposed tariffs could potentially ignite trade wars and inflation. In such a scenario, gold, considered a hedge against inflation, is likely to perform well.

Investors' focus now shifts to Friday's US nonfarm payrolls due at 08:30 a.m. ET for further clarity on the Federal Reserve's interest rate path.

Non-farm payrolls likely rose by 160,000 jobs in December after surging by 227,000 in November, a Reuters survey showed.

Gold hit a near four-week high on Wednesday after a weaker-than-expected US private employment report hinted that the Fed may be less cautious about easing rates this year.

However, minutes of the Fed's December policy meeting showed officials' concern that Trump's proposed tariffs and immigration policies may prolong the fight against rising prices.

High rates reduce the non-yielding asset's appeal.

The World Gold Council on Wednesday said physically-backed gold exchange-traded funds registered their first inflow in four years.

Spot silver rose 0.7% to $30.32 per ounce, platinum fell 0.8% to $948.55 and palladium shed 1.4% to $915.75.