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Saudi Arabia, Italy Sign MoU to Strengthen Collaboration in Renewable Energy

The MoU focuses on key areas such as energy transitions and security, renewable energy and electricity interconnection. SPA
The MoU focuses on key areas such as energy transitions and security, renewable energy and electricity interconnection. SPA
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Saudi Arabia, Italy Sign MoU to Strengthen Collaboration in Renewable Energy

The MoU focuses on key areas such as energy transitions and security, renewable energy and electricity interconnection. SPA
The MoU focuses on key areas such as energy transitions and security, renewable energy and electricity interconnection. SPA

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz has met in Riyadh with Italian Minister of Environment and Energy Security Gilberto Pichetto Fratin to explore avenues for cooperation across various energy sectors.

The two sides signed on Tuesday a memorandum of understanding (MoU) to strengthen collaboration between Saudi Arabia and Italy, serving their shared interests.

The MoU focuses on key areas such as energy transitions and security, renewable energy, electricity interconnection, energy efficiency, geothermal energy, methane emissions reduction, advancing energy storage solutions, petroleum, natural gas, and conventional and transitional fuels.

It also addresses enhancing the stability and reliability of petroleum and natural-gas markets, reducing market volatility, and improving energy supply security and supply chains.
The agreement highlights innovation and technology, such as hydrogen project development, climate-change mitigation solutions, the circular carbon economy, and carbon capture, utilization, and storage. Additionally, it emphasizes digital transformation, cybersecurity, and artificial intelligence in the energy sector while fostering joint initiatives to support engineering and construction projects in energy. These efforts align with the Paris Agreement and the 2030 Agenda for Sustainable Development.

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Gold Advances as Softer Core CPI Data Revives Fed Easing Hopes

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
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Gold Advances as Softer Core CPI Data Revives Fed Easing Hopes

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Gold prices extended gains on Wednesday, as the dollar dipped after US core inflation data came in softer than expected, abating inflation pressures and rekindling expectations that the Federal Reserve's easing cycle may not be over yet.

Spot gold gained 0.4% to $2,688.19 per ounce by 0915 a.m. ET (1415 GMT). US gold futures were up 1.1% to $2,711.40.

Excluding volatile food and energy components, core CPI increased 3.2% on an annual basis, compared with an expected 3.3% rise, the US Bureau of Labor Statistics said on Wednesday, Reuters reported.

"Core CPI came in a little bit below expectations. This is a bit of a positive for gold... The corollary to this is that the Fed will not necessarily exclude the possibility of cutting rates," said Bart Melek, head of commodity strategies at TD Securities.

"The probability of a rate cut in January is kind of nothing, but we are pricing some rate cuts by the end of the year here."

Markets now expect the Fed to deliver 40 basis points (bps) worth of rate cuts by year-end, compared with about 31 bps before the inflation data.

The dollar index eased 0.4%, making bullion more attractive for other currency holders. The benchmark 10-year Treasury yields also slipped.

Investors are worried that the potential for tariffs after President-elect Donald Trump re-enters the White House next week could stoke inflation and limit the Fed's ability to lower rates to a greater extent.

Non-yielding bullion is considered a hedge against inflation, although higher rates diminish its appeal.

However, the uncertainties around Trump's tariffs and trade policies for the global economy and their potential impact on growth are likely to sustain safe-haven demand for gold, said Zain Vawda, market analyst at MarketPulse by OANDA.

Spot silver firmed 1% to $30.23 per ounce, platinum rose 0.4% to $938.70, and palladium added 2% to $960.25.