Egypt's Sisi Opens Huge Suspension Bridge over the Nile

Egyptian President Abdul Fattah al-Sisi. (Reuters)
Egyptian President Abdul Fattah al-Sisi. (Reuters)
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Egypt's Sisi Opens Huge Suspension Bridge over the Nile

Egyptian President Abdul Fattah al-Sisi. (Reuters)
Egyptian President Abdul Fattah al-Sisi. (Reuters)

Egyptian President Abdul Fattah al-Sisi on Wednesday opened a suspension bridge over the Nile touted as the world's widest, one of a series of military-led, mega-projects designed to improve infrastructure and provide jobs.

The bridge, which crosses the Nile just north of central Cairo, is a key link in a highway stretching from the Red Sea in the east to Egypt's northwestern Mediterranean coast, and is meant to help reduce congestion in the capital.

Traffic ground to a halt in parts of central Cairo on Wednesday morning as Sisi traveled to open the bridge with ministers and military generals.

At its widest, the bridge has six traffic lanes in each direction and measures 67.3 meters (222 feet) across. A regional director for the Guinness Book of World Records present at the opening said that makes it the world's widest suspension bridge.

Around one million cubic meters of concrete as well as 1,400 km (2,268 miles) of steel wire for 160 suspension cables were used in its construction, according to a presentation given at the formal opening.

The bridge crosses the Nile's Warraq Island, which has an estimated 100,000 residents, some of whom have protested against planned demolitions on the island and plans to develop it into a "modern residential community".

Other prestige projects launched under Sisi include an expansion of the Suez Canal, completed in 2015, and the building of a new capital in the desert east of Cairo that is currently under construction.



Gold Hits Four-week Peak on Safe-haven Demand

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
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Gold Hits Four-week Peak on Safe-haven Demand

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold prices rose to a near four-week high on Thursday, supported by safe-haven demand, while investors weighed how US President-elect Donald Trump's policies would impact the economy and inflation.

Spot gold inched up 0.4% to $2,672.18 per ounce, as of 0918 a.m. ET (1418 GMT). US gold futures rose 0.7% to $2,691.80.

"Safe-haven demand is modestly supporting gold, offsetting downside pressure coming from a stronger dollar and higher rates," UBS analyst Giovanni Staunovo said.

The dollar index hovered near a one-week high, making gold less appealing for holders of other currencies, while the benchmark 10-year Treasury yield stayed near eight-month peaks, Reuters reported.

"Market uncertainty is likely to persist with the upcoming inauguration of Donald Trump as the next US president," Staunovo said.

Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries, CNN reported on Wednesday, citing sources familiar with the matter.

Trump will take office on Jan. 20 and his proposed tariffs could potentially ignite trade wars and inflation. In such a scenario, gold, considered a hedge against inflation, is likely to perform well.

Investors' focus now shifts to Friday's US nonfarm payrolls due at 08:30 a.m. ET for further clarity on the Federal Reserve's interest rate path.

Non-farm payrolls likely rose by 160,000 jobs in December after surging by 227,000 in November, a Reuters survey showed.

Gold hit a near four-week high on Wednesday after a weaker-than-expected US private employment report hinted that the Fed may be less cautious about easing rates this year.

However, minutes of the Fed's December policy meeting showed officials' concern that Trump's proposed tariffs and immigration policies may prolong the fight against rising prices.

High rates reduce the non-yielding asset's appeal.

The World Gold Council on Wednesday said physically-backed gold exchange-traded funds registered their first inflow in four years.

Spot silver rose 0.7% to $30.32 per ounce, platinum fell 0.8% to $948.55 and palladium shed 1.4% to $915.75.