Manama Hosts Conference on Regional Military Alliances

BIDEC- 2017- Manama
BIDEC- 2017- Manama
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Manama Hosts Conference on Regional Military Alliances

BIDEC- 2017- Manama
BIDEC- 2017- Manama

Bahrain will host a conference on military alliances in the Middle East, in parallel with the Bahrain International Defense Exhibition 2017, which will be held in Manama on October 16-17, with the participation of around 120 companies supplying and manufacturing military equipment and systems technology.

The Bahrain International Defense Exhibition 2017 is held under the patronage of Bahrain’s King Hamad bin Isa Al Khalifa and chaired by Brigadier General Sheikh Nasser bin Hamad Al Khalifa.

The Middle East Military Alliance Conference, known as MEMAC, will gather leading regional and international military leaders and diplomats.

Chairman of the Bahrain Centre for Strategic, International and Energy Studies (DERASAT) - one of the organizers of the conference - Sheikh Abdullah bin Ahmed Al Khalifa, said that MEMAC would highlight the crucial role that can be played by military alliances in the defense and collective security of the region.

The conference will kick off on October 16, with the participation of senior military figures, representatives of the defense community around the world and diplomats residing in Bahrain.

Organizers expect over 3000 international visitors to attend both the exhibition and the conference.

The event will also host unique features, which include live parachute exercises, shooting range exercises, warship and military vehicle display.



Gold Steady as Market Eyes Middle East Conflict, Fed Decision

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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20

Gold Steady as Market Eyes Middle East Conflict, Fed Decision

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices were steady on Tuesday as investors assessed the conflict between Israel and Iran and looked ahead to this week's US Federal Reserve's policy meeting.

Spot gold was steady at $3,383.01 an ounce, as of 0851 GMT US gold futures fell 0.5% to $3,401.30.

Israel and Iran exchanged attacks for a fifth consecutive day on Tuesday, Reuters reported.

US President Donald Trump urged an evacuation of Iran's capital Tehran and cut short his trip to the G7 summit in Canada. A separate report said he had asked for his administration's National Security Council to be prepared in the situation room.

"Markets are waiting for the latest signals whether hostilities between Israel and Iran would escalate or will remain contained," said Han Tan, chief market analyst at Exinity Group.

"Gold still retains its bias for lurching upwards on signs of a worsening Middle East conflict, given the precious metal's stature as the preferred safe haven of late."

Zero-yield bullion is considered a hedge against geopolitical and economic uncertainty and tends to thrive in a low-interest environment.

The US central bank rate decision and Chair Jerome Powell's remarks are due on Wednesday. Traders are currently pricing in two cuts by the end of the year.

Meanwhile, Citi lowered its short-term and long-term price targets for gold, projecting prices could drop below $3,000 per ounce by late 2025 or early 2026, driven by declining investment demand and an improving global growth outlook, it said in a note on Monday.

Elsewhere, spot silver was up 0.3% at $36.45 per ounce, platinum was unchanged at $1,246.59, while palladium fell 0.4% to $1,025.44.