UAE Official Stresses Need to Boost Multilateral Cooperation to Fight Coronavirus

Ahmed Ali Al Sayegh, Minister of State and UAE Sherpa. WAM
Ahmed Ali Al Sayegh, Minister of State and UAE Sherpa. WAM
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UAE Official Stresses Need to Boost Multilateral Cooperation to Fight Coronavirus

Ahmed Ali Al Sayegh, Minister of State and UAE Sherpa. WAM
Ahmed Ali Al Sayegh, Minister of State and UAE Sherpa. WAM

Minister of State and UAE Sherpa Ahmed Ali Al Sayegh stressed the need for multilateral cooperation in efforts to curb the spread of the new coronavirus.

"The need to strengthen multilateral cooperation in efforts to curb the spread of COVID-19 has become increasingly evident as states confront unprecedented challenges to the wellbeing of their peoples and communities," he said.

Sayegh's statement came during his participation in the Extraordinary Virtual Group of 20 (G-20) Sherpa Meeting convened on Thursday to discuss a global coordinated response to COVID-19.

"The G-20 platform provides an opportunity for all concerned states to join forces in mitigating the global impact of the coronavirus outbreak and implement strategic, coordinated action in pursuit of long-term economic recovery," he added.

Sayegh also highlighted UAE’s readiness to continue its political, economic, logistical, and humanitarian contributions to the global response.

He said the UAE is committed to ensure a smooth trade flow across borders to fight obstacles preventing delivery of aid and medical supplies.

The virtual meeting followed the second G-20 Sherpa Meeting held in Khobar, Saudi Arabia on March 12, wherein country representatives discussed the ongoing G-20 process and developments around COVID-19, health, trade and investment, and energy and climate change.



Gold Prices Inch Higher With US Inflation Data in Focus

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 Inch Higher With US Inflation Data in Focus

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 nudged higher on Thursday, while traders await a key US inflation data due later in the day to gauge the Federal Reserve's future monetary policy stance.
Spot gold was up 0.2% at $2,613.70 per ounce, as of 0602 GMT, after easing for the previous six sessions. Prices scaled a record high last month.
US gold futures also gained 0.2% at $2,630.80, Reuters reported.
The US Consumer Price Index (CPI) for September is due at 1230 GMT and Producer Price Index (PPI) data on Friday.
"If core CPI comes hotter, US Treasury yields will go higher and that is bad for gold. I think there is room for prices to come down, but don't necessarily see a downtrend in the big picture," said Ilya Spivak, head of global macro, Tastylive.
Markets see an 85% chance of a 25-basis-point Fed rate cut in November.
A "substantial majority" of Fed officials at the September meeting supported beginning an era of easier monetary policy with an outsized half-point rate cut, but agreed that further easing will be data-driven, according to its minutes.
The zero-yielding bullion is preferred in a low-interest rate environment as well as amid periods of economic and geopolitical turmoil.
Analysts at BMI increased their 2024 gold price forecast to $2,375 from $2,250, and noted that a potential Fed rate reduction comes against a myriad of geopolitical tensions, with the Middle East jitters and the upcoming US presidential elections at the forefront.
Meanwhile, Israel's plans to strike Iran added to concerns of wider conflict in the Middle East.
Spot silver edged 0.1% higher to $30.48 per ounce.
ANZ upgraded its short-term silver forecast to $34. "Solid industrial demand and stagnant supply are expected to widen the market deficit, presenting a strong investment case," it said.
Platinum added 1.5% to $959.56 and palladium firmed 1% to $1,049.50.