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Saudi Companies See Profit Growth

People are seen at Riyadh Park mall during the opening of a cinema, in Riyadh, Saudi Arabia April 30, 2018. REUTERS/Faisal Al Nasser/File Photo
People are seen at Riyadh Park mall during the opening of a cinema, in Riyadh, Saudi Arabia April 30, 2018. REUTERS/Faisal Al Nasser/File Photo
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Saudi Companies See Profit Growth

People are seen at Riyadh Park mall during the opening of a cinema, in Riyadh, Saudi Arabia April 30, 2018. REUTERS/Faisal Al Nasser/File Photo
People are seen at Riyadh Park mall during the opening of a cinema, in Riyadh, Saudi Arabia April 30, 2018. REUTERS/Faisal Al Nasser/File Photo

Around 16 Saudi firms listed in the local capital market have announced the fiscal results of Q4 2018.

The results showed a growth exceeding 5.7 percent, which makes it likely for other listed companies to achieve positive growth in the same period.

Giant Saudi companies would reveal fiscal outcomes of Q4 2018 during next week’s trading. The results will likely impact trading on the local market, deals and liquidity.

Tadawul All Shares Index on Thursday dropped 0.4 percent at the close of trade at 8,435 points, amid trading value of around SAR2.7 billion (USD720 million).

Meanwhile, the Saudi Arabian Monetary Authority (SAMA) said it lifted a ban on Saudi Enaya Cooperative Insurance Company (Enaya) to issue or renew insurance policies, starting Thursday. SAMA noted that its decision came after Enaya resolved the problems that had caused the ban.

There are forecasts that the Saudi companies’ fiscal results of Q4 2018 will be better compared to the same period in 2017. The Saudi economy is forecast to witness more growth in 2019, compared to last year.

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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
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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.