R&D Cooperation Between Aramco, MIT

R&D Cooperation Between Aramco, MIT
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R&D Cooperation Between Aramco, MIT

R&D Cooperation Between Aramco, MIT

Aramco Services Company (ASC), the North American arm of Saudi Aramco, revealed Sunday that it had struck a $25 million-worth five-year research and development (R&D) cooperation agreement with the Massachusetts Institute of Technology (MIT).

The partnership focuses on R&D in the areas of sustainable and renewable energy, advanced materials, carbon capture, utilization and storage, environmental science, conservation and reuse of water resources, and advanced techniques including computational modeling, artificial intelligence, nanotechnologies and robotics.

“We are delighted to be collaborating with MIT which is a distinguished, world class institution recognized for its groundbreaking research excellence," said Saudi Aramco President and CEO Amin Nasser.

"Our engagement with the MIT Energy Initiative is working well and the long term potential for continuing to make significant energy technology breakthroughs is showing considerable promise.”

The collaboration underscores a mutual commitment to leveraging R&D to develop new solutions with the potential to address global energy and climate challenges, the firm said. It also builds on Aramco’s existing engagement with MIT Energy Initiative and its Low-Carbon Energy Centers.



Gold Edges up as Investors Await Fed Jackson Hole Conference

A salesman arranges gold bangles inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Mumbai, India, May 7, 2019. REUTERS/Francis Mascarenhas/File Photo
A salesman arranges gold bangles inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Mumbai, India, May 7, 2019. REUTERS/Francis Mascarenhas/File Photo
TT
20

Gold Edges up as Investors Await Fed Jackson Hole Conference

A salesman arranges gold bangles inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Mumbai, India, May 7, 2019. REUTERS/Francis Mascarenhas/File Photo
A salesman arranges gold bangles inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Mumbai, India, May 7, 2019. REUTERS/Francis Mascarenhas/File Photo

Gold prices edged up on Tuesday, supported by a softer dollar and Treasury yields, as investors hunkered down for Federal Reserve Chair Jerome Powell's upcoming speech at Jackson Hole later this week.

Spot gold was up 0.2% at $3,335.24 per ounce by 09:38 a.m. ET (1338 GMT). US gold futures for December delivery rose 0.1% to $3,380.10.

The dollar index fell 0.1% against its rivals, while benchmark 10-year yields also slipped, Reuters reported.

"Generally, (traders are) positioning in the futures market ahead of the Jackson Hole meeting... it's going to be pretty quiet up until then," said Jim Wyckoff, senior analyst at Kitco Metals. The Federal Reserve is set to hold its annual symposium later this week in Jackson Hole, Wyoming, with Fed Chair Jerome Powell scheduled to speak on the economic outlook and central bank's policy framework on Friday. US President Donald Trump has continued to urge the Federal Reserve to pursue deeper rate cuts.

"My sense is that (Powell) might lean a little bit more dovish... that would be friendly for gold and silver prices," Wyckoff said.

Non-yielding gold, traditionally considered a hedge during times of uncertainty, also tends to perform well in low-interest rate environments.

Traders see an 83% chance of a 25-basis-point Fed rate cut in September, according to CME's FedWatch tool. Meanwhile, Trump said on Tuesday he hoped Russia's Vladimir Putin would move toward ending the war in Ukraine.

On the data front, minutes from the Federal Reserve's July meeting, set to be released on Wednesday, are expected to shed light on the US economic outlook. UBS on Monday raised its gold price target for end-March 2026 by $100 to $3,600 on persistent US macroeconomic risks, a decline in dollar use, and strong investment demand.

Elsewhere, spot silver fell 0.1% to $37.98 per ounce, platinum was up 1.4% at $1,341.40, while palladium fell 0.1% to $1,122.32.