Saudi Ranks 2nd in Providing G20 Research Corpus

Recommendations in the T20 communiqué will be presented on Sunday, Asharq Al-Awsat
Recommendations in the T20 communiqué will be presented on Sunday, Asharq Al-Awsat
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Saudi Ranks 2nd in Providing G20 Research Corpus

Recommendations in the T20 communiqué will be presented on Sunday, Asharq Al-Awsat
Recommendations in the T20 communiqué will be presented on Sunday, Asharq Al-Awsat

The Think 20 summit (T20), which provides the intellectual backbone of the Group of Twenty international forum (G20), on Saturday revealed that Saudi Arabia ranked second in terms of countries which provided the largest corpus of research, paperwork and proposals at the G20.

Saudi Arabia convened the first day of the T20 on Saturday, with panelists and speakers calling for nations to work together around the world to help solve the unprecedented crisis caused by the coronavirus pandemic.

In his remarks on the T20 sidelines, Prince Turki al-Faisal, chairman of the board of the King Faisal Center for Research and Islamic Studies, confirmed that Saudi Arabia achieved second place with the quality and quantity of research it presented to G20 leaders this year.

He said that the Kingdom’s high ranking proves the ability of Saudi nationals, both male and female, to offer humanity ideas that service everyone.

Prince Turki stressed that G20 and T20 works were carried out under unprecedented challenges brought about by the coronavirus pandemic. He, however, said that the T20 summit alongside other G20 forums, held under Saudi presidency, have been a success.

More so, Prince Turki highlighted that the T20 summit was attended by more than 60 countries and over 150 global think tanks.

Fahad Alturki, the vice president of research at King Abdullah Petroleum Studies and Research Center (KAPSARC), and chair of T20, noted that it was a first for Saudi Arabia to rank second internationally in providing research for the G20.

Alturki said that the participation of local and gulf centers reflected the region’s vision.

Recommendations in the T20 communiqué will be presented on the final day of the meeting on Sunday. The document comprises of 32 policy proposals across seven categories for consideration by G20 leaders.

It will also be presented before the G20 leaders’ summit on Nov. 21-22.



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.