‘Davos in the Desert’ Tackles Int’l Economic Challenges, Future Aspirations

The Future Investment Initiative kicks off on Tuesday. (SPA)
The Future Investment Initiative kicks off on Tuesday. (SPA)
TT

‘Davos in the Desert’ Tackles Int’l Economic Challenges, Future Aspirations

The Future Investment Initiative kicks off on Tuesday. (SPA)
The Future Investment Initiative kicks off on Tuesday. (SPA)

The three-day Future Investment Initiative (FII), nicknamed "Davos in the desert", will kick off in Saudi Arabia on Tuesday, tackling strategic and vital questions about the regional and global economic and investment environment.

The event brings together global policymakers and tycoons from across the globe at 47 seminars and workshops and three summits. Dozens of global companies, including 25 American firms and investment banks, have confirmed their participation.

FII will seek to answer numerous questions, including how the current ambitious economy can shape the economy of the next decade.

Asharq Al-Awsat obtained a copy of the FII agenda. It addresses female economy and whether current developments will help further incorporate women in global economics. It will highlight Japan and China as examples.

Financial challenges will also be addressed, with attention directed at the situation in Europe. European governments will be asked how they are seeking to push innovation in the financial markets. On the international level, executives will tackle ways to meet the United States’ sustainable development goals.

FII will also shine the spotlight on the role India, Brazil and Africa can play in the global economy.

Energy files will take center stage at the event. Discussions will address new energy innovations.



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.