G20 Holds Onto Protection of Jobs

G20 Labor and Employment Ministers meet. Asharq Al-Awsat
G20 Labor and Employment Ministers meet. Asharq Al-Awsat
TT

G20 Holds Onto Protection of Jobs

G20 Labor and Employment Ministers meet. Asharq Al-Awsat
G20 Labor and Employment Ministers meet. Asharq Al-Awsat

The G20 Labor and Employment Ministers have stressed the importance of protecting jobs and acknowledged the value of technology and a human-centered approach including by using Behavioral Insights in employment policymaking.

The Saudi Minister of Human Resources and Social Development, Eng. Ahmed Al Rajhi, said during the virtual meeting held by the ministers that “the COVID-19 crisis has created renewed impetus to safeguard labor markets and adopt social protection policies that secure people during and after crisis.”

“We are working with G20 countries to realize sustainable labor market recovery,” he told the meeting held under the G20 Saudi Presidency.

“This year, COVID-19 has brought an unprecedented global challenge with significant human costs. Fighting and overcoming the pandemic remains our highest and overriding priority,” said the ministers in their closing statement.

“We recognize the importance of protecting and promoting decent jobs for all, especially for women and youth, within our domestic and global labor markets.”

They stressed support for social protection systems to tackle gender inequalities.

The ministers also said they “acknowledge the value of bringing together technology and a human-centered approach including by using Behavioral Insights in employment policymaking.”



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
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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.