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Saudi Finance Minister Participates in World Governments Summit, 9th Arab Fiscal Forum

Saudi Minister of Finance Mohammed Al-Jadaan (SPA)
Saudi Minister of Finance Mohammed Al-Jadaan (SPA)
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Saudi Finance Minister Participates in World Governments Summit, 9th Arab Fiscal Forum

Saudi Minister of Finance Mohammed Al-Jadaan (SPA)
Saudi Minister of Finance Mohammed Al-Jadaan (SPA)

Saudi Minister of Finance Mohammed Al-Jadaan has participated in the World Governments Summit and the Ninth Arab Fiscal Forum, held from February 10 to 13 in Dubai, the United Arab Emirates.
Al-Jadaan chaired the third session of the forum, titled "Fiscal Policy and Climate Resilience," with the participation of ministers, government officials, and economic experts from various countries, SPA reported.
The session addressed the economic costs of climate change in the region and associated financial risks and pressures, including debt sustainability challenges, mainly for heavily indebted countries. Speakers also presented a series of solutions to enhance climate adaptation capabilities.
Al-Jadaan also participated in a high-level roundtable discussion at the summit under the theme "Reimagining the Future of Multilateral Cooperation and the Future Fund."
On the sidelines of the summit, the minister of finance signed a memorandum of understanding on financial cooperation between Saudi Arabia and the United Arab Emirates with the Minister of State for Financial Affairs of the UAE, Mohamed bin Hadi Al Hussaini.

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Gold Rises on Dip-buying, Focus on US-China Trade Updates

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
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Gold Rises on Dip-buying, Focus on US-China Trade Updates

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo

Gold prices rebounded on Thursday as investors bought bullion following a sharp decline in the previous session, while focus still remained on US-China trade tensions.
Spot gold was up 1.6% to $3,340.79 an ounce, as of 0907 GMT, Reuters reported. Bullion lost over 3% on Wednesday, in its worst daily performance since late November.
US gold futures gained 1.8% to $3,352.10.
"Gold's pullback earlier has cleared some of the froth from its latest surge. That in turn attracted some buy-the-dip action, amid still-persistent global trade war fears," said Han Tan, Exinity Group's chief market analyst.
"Given the still-evident tailwinds for this precious metal, gold bugs could ultimately conquer the $3,500 level with conviction."
Non-yielding bullion, traditionally seen as a hedge against global instability, has risen over 27% so far this year.
The International Monetary Fund made sharp reductions to its outlook for both US and global growth this year, with President Donald Trump's tariff policy the central reason behind the downgrade.
"If the economic outlook deteriorates further, then there's no reason why gold could not receive another strong bid," said Ole Hansen, head of commodity strategy at Saxo Bank.
However, US Treasury Secretary Scott Bessent said the US economic growth will surpass the IMF's revised estimate of 1.8%, down from 2.7% in January, if Trump administration's policies are implemented.
He also said that the excessively high tariffs between the US and China are unsustainable, and must be reduced before trade negotiations can proceed.
Supporting gold, the US dollar eased, making the greenback-priced bullion cheaper for overseas buyers.
Spot silver fell 0.5% to $33.37 an ounce, platinum was steady at $973.25 and palladium was down 0.6% to $939.53.