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Economic, Development Affairs' Council Reviews Housing Plan in Saudi Arabia

Economic, Development Affairs' Council (SPA)
Economic, Development Affairs' Council (SPA)
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Economic, Development Affairs' Council Reviews Housing Plan in Saudi Arabia

Economic, Development Affairs' Council (SPA)
Economic, Development Affairs' Council (SPA)

Saudi Council for Economic and Development Affairs held a meeting, at al-Yamamah Palace on Tuesday and reviewed a number of relevant economic and development issues.

During the meeting, the council reviewed a presentation on the implementation of housing plan and its related strategy, governance regulations, pivotal initiatives related to the housing program, a description of the program and its objectives and an analysis of the status quo and main current challenges.

The council also discussed a report from the Ministry of Communications and IT, aiming at empowering and accelerating digital transformation, in the society as well as the national economy, to achieve the objectives of Vision 2030.

The council concluded the meeting by reviewing a report from the National Center for Performance Measurement "Adaa", including a quarterly results covering the fourth quarter of the last fiscal year, in addition to an analysis of the public apparatuses, the scope of coverage and the main challenges.

The council took the appropriately related recommendations over reviewed issues.

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Gold Gains as Dollar Slips on Trump Tariff Uncertainty

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Gains as Dollar Slips on Trump Tariff Uncertainty

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices rose on Tuesday as the US dollar eased due to uncertainty around President-elect Donald Trump's tariff plans, with further support coming from top consumer China's central bank adding to its gold reserves for a second straight month.

Spot gold was up 0.5% at $2,648.75 per ounce, as of 1218 GMT. US gold futures also rose 0.5% to $2,660.20.

"The main factor is the softening of the US dollar over the last two sessions, which has provided some relief for the precious metal," said Ricardo Evangelista, senior analyst at ActivTrades.

The dollar index eased towards a one-week low versus major peers as traders considered whether President-elect Donald Trump's tariffs would be less aggressive than promised following a report in the Washington Post, Reuters reported.

Trump however denied the report, deepening uncertainty about future US trade policies.

A stronger dollar makes bullion more expensive for other currency holders.

Traders are setting their sights on Friday's US jobs report for Fed policy clues, along with job openings data due later in the day, ADP employment and the minutes from the Fed's December meeting on Wednesday.

Fed Governor Lisa Cook on Monday said that the Fed can be cautious about any further rate cuts given a solid economy and inflation proving stickier than previously expected.

Bullion is considered a hedge against inflation, but high rates reduce the non-yielding asset's appeal.

Meanwhile, China's gold reserves stood at 73.29 million fine troy ounces at the end of December as the central bank kept buying gold for a second straight month, official data showed.

"By re-entering the market in December, Beijing signaled that its gold acquisition program remains active—a development likely to lend continued support to the precious metal's price," Evangelista added.

Gold prices gained about 27% in 2024, mainly boosted by robust central bank purchases and Fed rate cuts.

Spot silver gained 0.8% to $30.19 per ounce, platinum added 1.2% to $944.39 and palladium rose 0.9% to $928.38.