Jordan Seeks to Deepen Economic Ties with Germany

Vendors sell vegetable and fruits at a market in downtown Amman June 4, 2018. (AFP)
Vendors sell vegetable and fruits at a market in downtown Amman June 4, 2018. (AFP)
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Jordan Seeks to Deepen Economic Ties with Germany

Vendors sell vegetable and fruits at a market in downtown Amman June 4, 2018. (AFP)
Vendors sell vegetable and fruits at a market in downtown Amman June 4, 2018. (AFP)

Jordan’s State Minister for Investment Affairs Mohannad Shehadeh said that developing the country’s technical services sector with German expertise and redrafting export agreements to Europe are a priority for the government in its effort to bolster economic cooperation with Berlin.

He highlighted the success achieved by German firms operating in Jordan and the arrival of technical and technological Jordanian products to German markets through investment in Jordanian human capabilities and potential.

He added that the success of German companies, such as Siemens, represent an opportunity for the German investor to focus on producing services and re-exporting them.

He made his remarks before the Amman Chamber of Industry that met in Amman on Thursday to discuss available investment opportunities in Jordan and reassess economic cooperation between the Jordanian and German private sectors.

Shehadeh added that improving and developing Jordanian expertise, in addition to participating in the global economy, help the services sector in the country overcome previous restrictions.

Energy Minister Hala Zawati assured that investment opportunities are available in the alternative energy fields, underpinning that the government has several substitutes to exploit the renewable energy sources in the country.

German speakers at the meeting voiced interest to provide logistic and technical support to Jordan in a way that reinforces compliance with European consumer requirements and fulfills the goals of developing the Jordanian energy and services sector.



Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
TT

Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.