G20 Tourism Ministers to Explore Opportunities to Boost Industry

G20 Tourism Ministers to Explore Opportunities to Boost Industry
TT

G20 Tourism Ministers to Explore Opportunities to Boost Industry

G20 Tourism Ministers to Explore Opportunities to Boost Industry

Tourism ministers of the Group of 20 major economies agreed on Friday to explore capacity programs in the tourism industry to help the global economy recover from the coronavirus pandemic.

“We will explore opportunities such as capacity building programs in travel and tourism to help the world economy recover, and help the sector become more inclusive, robust, and resilient,” the ministers said in a statement after holding their first extraordinary meeting hosted by the group's current president Saudi Arabia.

The G20 Tourism Working Group was also tasked with finding ways to stimulate a recovery in the sector, the statement said following the virtual meeting.

The ministers tasked the Group ahead of the tourism ministers’ meeting in Saudi Arabia on October 7, “to identify challenges to the sector that have arisen from the crisis, to develop and share further targeted responses to stimulate recovery, and to identify ways to improve resiliency in the sector.”

“Travel and tourism is one of the most heavily affected sectors by the COVID-19 pandemic, with preliminary estimates from the Organization for Economic Co-operation and Development (OECD) indicating a 45% decline in international tourism in 2020, which could rise to 70% if recovery efforts are delayed until September,” said the statement.

“The World Travel & Tourism Council (WTTC) has estimated that up to 75 million jobs are at risk in this labor-intensive sector,” it added.



Gold Eases as Traders Wait for US Economic Data

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. Reuters
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. Reuters
TT

Gold Eases as Traders Wait for US Economic Data

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. Reuters
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. Reuters

Gold prices eased on Tuesday, while investors awaited a slew of US economic data to gauge the size of the Federal Reserve's expected interest rate cut this month.
Spot gold fell 0.2% at $2,495.50 per ounce by 0630 GMT. Prices hit a record high of $2,531.60 on Aug. 20.
US gold futures steadied at $2,527.50.
The dollar lingered near a two-week high, making bullion less appealing for other currency holders.
"Gold is unable to recapture levels around all-time highs due to lack of fresh positive catalysts. If we see U.S. data pointing to a weak economy and the Fed taking to the narrative of having a jumbo rate cut, gold will rally," said Kelvin Wong, OANDA's senior market analyst for Asia Pacific.
"Prices could go as high as $2,640 this year."
Market focus is on Friday's US August non-farm payrolls report. Economists surveyed by Reuters expect the addition of 165,000 US jobs.
ISM surveys, JOLTS job openings and ADP employment report are also on investors' radar.
Traders currently see a 31% chance of a 50-basis-point rate cut at the Fed's Sept. 17-18 policy meet and a 69% chance of a quarter-point cut.
Last week, data showed US consumer spending picked up in July, arguing against a 50-bp rate cut.
Gold "remains our preferred hedge against geopolitical and financial risks, with additional support from imminent Fed rate cuts and ongoing emerging market central bank buying. We open a long gold trade recommendation," Goldman Sachs said.
Bullion is considered a safe asset amid turmoil and tends to thrive in a low rate environment.
Spot gold may test support at $2,473, a break below that could open the way towards $2,434, according to Reuters technical analyst Wang Tao.
Spot silver dipped 0.5% to $28.35, platinum fell 1% to $921.05 and palladium lost 1% to $968.62.