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Bahrain Inaugurates Tatweer Petroleum Solar Power Plant

Bahrain Inaugurates Tatweer Petroleum Solar Power Plant . Supplied via AAAWSAT AR
Bahrain Inaugurates Tatweer Petroleum Solar Power Plant . Supplied via AAAWSAT AR
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Bahrain Inaugurates Tatweer Petroleum Solar Power Plant

Bahrain Inaugurates Tatweer Petroleum Solar Power Plant . Supplied via AAAWSAT AR
Bahrain Inaugurates Tatweer Petroleum Solar Power Plant . Supplied via AAAWSAT AR

Bahrain's Oil Minister Shaikh Mohammed bin Khalifa Al Khalifa, inaugurated Tatweer Petroleum’s 3 Megawatt Solar Power Plant on Tuesday.

“The Kingdom of Bahrain is dedicated to fulfill its commitments to the United Nations Framework Convention on Climate Change, in terms of developing programs and plans to protect the environment in various vital sectors due to its impact on the country and citizens,” the minister said.

Shaikh Mohammed Al Khalifa expressed appreciation regarding Tatweer’s contribution to the Bahrain's goal in maintaining the use of renewable energy for its operations by 5% by 2025 in line with the strategic objectives of NOGA to achieve Bahrain vision 2030.

The oil minister and a number of senior officials, have unveiled the station’s commemorative plaque and were accompanied in a tour to observe the station facilities.

Tatweer Petroleum company established a solar power plant in February 2016 with an estimated capacity of 1 MW to provide enough electricity to meet the total energy requirements of the company's headquarters in the region.

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Gold Prices Hold Steady as Investors Await US Fed Policy Cues

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
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Gold Prices Hold Steady as Investors Await US Fed Policy Cues

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Gold prices remained steady on Wednesday, as investors awaited the US Federal Reserve's decision on interest rates due later in the day, while also focusing on US President Donald Trump's trade policies following his tariff threats.

Spot gold eased 0.2% to $2,758.49 per ounce by 09:55 a.m. ET (1455 GMT), while US gold futures rose 0.3% to $2,775.60, widening the premium over spot gold rates.

The Fed is scheduled to release its latest policy decision and statement at 2 p.m. EST (1900 GMT), with Fed Chair Jerome Powell due to hold a press conference half an hour later to elaborate on the meeting.

The US central bank is widely expected to hold interest rates steady as it awaits further inflation and jobs data and more clarity on the economic impact of Trump's policies before deciding whether to cut borrowing costs again.

"However, the Fed's commentary in regards to the potential for an interest rate cut in the March meeting is going to be in focus," said David Meger, director of metals trading at High Ridge Futures.

Gold prices neared all-time highs last week after Trump called for lower interest rates. Bullion tends to thrive in a low-interest-rate environment as it yields no interest.

Prices, however, retreated sharply on Monday as a sell-off in technology stocks, driven by Chinese AI model DeepSeek, sparked a rush to liquidate bullion to counter losses, according to Reuters.

The sell-off in the stock market seen on Monday may not be over and the unpredictability of Trump's policies is contributing to an increased demand for gold as a safe-haven, said Jim Wyckoff, a senior market analyst at Kitco Metals.

Trump still plans to make good on his promise to issue tariffs on Canada and Mexico, and his policies are widely seen as inflationary.

Elsewhere, spot silver gained 1.7% to $30.92 per ounce, platinum also added 0.5% to $946.45. Palladium was up 0.8% to $962.50.