Sudan Raises Minimum Wages

Sudanese line up to get fuel outside a petrol station in the capital, Khartoum (AFP)
Sudanese line up to get fuel outside a petrol station in the capital, Khartoum (AFP)
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Sudan Raises Minimum Wages

Sudanese line up to get fuel outside a petrol station in the capital, Khartoum (AFP)
Sudanese line up to get fuel outside a petrol station in the capital, Khartoum (AFP)

The Sudanese Ministry of Finance announced raising the minimum wage for civil servants to SDG 3,000 (almost $150) following a three-day strike launched by railway workers.

Railroad workers in Atbara, a northern Sudanese city, and bus drivers throughout the country had carried out a strike since last Saturday to protest low wages.

The strike sapped supplies en route to the capital Khartoum, resulting in a shortage of food supplies and oil byproducts.

On Tuesday, the demonstrators lifted the strike and went back to running national transportation.

Hashem bin Auf, Minister of Infrastructure and Transport, confirmed that the Ministry of Finance raised the minimum wage for civil servants to SDG 3,000.

Auf, in a visit to Atbara, informed those on strike of the decision taken by the ministry of finance.

Addressing demonstrators, Auf admitted that the situation they were under was unacceptable, however, he accused the deep state and former regime loyalists of seeking to fail the transitional government.

Also, Bus drivers at Khartoum’s regional bus station carried out a strike on Sunday, calling for better pay and services. The strike caused thousands of travelers to cancel their trip to and from Khartoum.

Others profited from the strike. Tickets to Kassala, New Halfa, and El Gedaref in eastern Sudan rose to SDG 1,800.

The striking bus drivers demand salaries, financial incentives, management committees for union work, health insurance, social security and fuel control at petrol stations. They also decry withdrawals of their driving licenses, fines, and a large number of levies they have to pay on the roads.



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.