SMIIC Board of Directors Extends Saudi Arabia's Chairmanship

SMIIC board of directors extends Saudi Arabia's chairmanship. (Asharq Al-Awsat)
SMIIC board of directors extends Saudi Arabia's chairmanship. (Asharq Al-Awsat)
TT

SMIIC Board of Directors Extends Saudi Arabia's Chairmanship

SMIIC board of directors extends Saudi Arabia's chairmanship. (Asharq Al-Awsat)
SMIIC board of directors extends Saudi Arabia's chairmanship. (Asharq Al-Awsat)

The General Assembly of the Standards and Metrology Institute for Islamic Countries (SMIIC) agreed to postpone the institute's elections and to extend the term of the chairmanship of the Board of Directors of the Governor of the Saudi Standards, Metrology and Quality Organization Dr. Saad bin Abdullah Al-Qasabi until the end of 2021.

The decision was made as Al-Qasabi presided over the meetings of the SMIIC's General Assembly and Board of Directors, which were held virtually with the participation of delegations of 39 Islamic countries, and three other countries with observer membership.

The Kingdom took part in the summit through a delegation chaired by Saud bin Rashid Al Askar, deputy governor for conformity at Saudi Standards, Metrology and Quality Organization (SASO).

The meeting discussed several topics, to ensure business continuity and facilitation at the institute during the COVID-19 pandemic, as well as memberships of Yemen, Chad and Bangladesh.

The gatherers approved the strategic plan of the Islamic institution 2020-2021 and the budget for the year 2021, as well as countries’ contributions to the same year.



Gold Steady as Focus Shifts to US Data for Economic Cues

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
TT

Gold Steady as Focus Shifts to US Data for Economic Cues

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices were little changed on Monday, while investors awaited a slew of US economic data including the December nonfarm payrolls report for further guidance on the Federal Reserve's stance on interest rates.
Spot gold held its ground at $2,635.39 per ounce by 0510 GMT. US gold futures dropped 0.2% to $2,646.80.
How the US jobs data fares this week could hold the key to whether gold breaks out of its recent range, said Tim Waterer, chief market analyst at KCM Trade.
"There is a plethora of US data due for release this week (including ISM Services PMI data), and any downside misses could hurt the USD and help gold."
The US jobs report, due on Friday, is expected to provide more clues to the Fed's rate outlook after the US central bank rattled markets last month by reducing its projected cuts for 2025.
Investors are also awaiting ADP hiring and job openings data, as well as minutes of the Fed's last policy meeting for further direction.
Gold flourishes in a low-interest-rate environment and serves as a hedge against geopolitical uncertainties and inflation.
US President-elect Donald Trump is set to return to office on Jan. 20 and his proposed tariffs and protectionist policies are expected to fuel inflation.
This could prompt the Fed to go slow on rate cuts, limiting gold's upside. After three rate cuts in 2024, the Fed has projected only two reductions for 2025 due to persistent inflation.
The US central bank's benchmark policy rate should stay restrictive until it is more certain that inflation is returning to its 2% target, Richmond Federal Reserve President Thomas Barkin said on Friday.
Spot silver was down 0.2% at $29.57 per ounce, platinum dipped 0.7% to $931.30 and palladium fell 0.4% to $918.22.