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Kuwait Signs Deal with Greece's DESFA on Liquefied Gas

Kuwait's KIPIC signs $106 million contract with Greek gas grid operator DESFA. KUNA
Kuwait's KIPIC signs $106 million contract with Greek gas grid operator DESFA. KUNA
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Kuwait Signs Deal with Greece's DESFA on Liquefied Gas

Kuwait's KIPIC signs $106 million contract with Greek gas grid operator DESFA. KUNA
Kuwait's KIPIC signs $106 million contract with Greek gas grid operator DESFA. KUNA

Kuwait has signed a six-year, $106 million contract with Greek gas grid operator DESFA for the group to operate a liquefied natural gas import terminal in the Gulf emirate, the state-run news agency KUNA reported on Thursday.

The LNG terminal, in the al-Zour area, will go into operation next year, the agency said, citing an official from state-owned Kuwait Integrated Petroleum Industries Company, which signed the deal.

Mahmoud Abul, KIPIC's deputy CEO for financial and administrative affairs, indicated that the recently signed deal included a clause that stipulated training of Kuwaiti workers and reaching 60 percent of operational work force in the future.

Al-Zour refinery project is part of the new Kuwait vision 2035 and falls within the strategy of the Kuwait Petroleum Corporation (KPC) to develop the industry in Kuwait.

Deputy CEO of al-Zour refinery Hatem Al-Awadhi commended the deal on Thursday, revealing that it will achieve the highest levels of operational security for the facility.

He expressed confidence that KIPIC will build strong relations with DESFA to create a solid and beneficial partnership.

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Gold Advances as Softer Core CPI Data Revives Fed Easing Hopes

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 Advances as Softer Core CPI Data Revives Fed Easing Hopes

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 extended gains on Wednesday, as the dollar dipped after US core inflation data came in softer than expected, abating inflation pressures and rekindling expectations that the Federal Reserve's easing cycle may not be over yet.

Spot gold gained 0.4% to $2,688.19 per ounce by 0915 a.m. ET (1415 GMT). US gold futures were up 1.1% to $2,711.40.

Excluding volatile food and energy components, core CPI increased 3.2% on an annual basis, compared with an expected 3.3% rise, the US Bureau of Labor Statistics said on Wednesday, Reuters reported.

"Core CPI came in a little bit below expectations. This is a bit of a positive for gold... The corollary to this is that the Fed will not necessarily exclude the possibility of cutting rates," said Bart Melek, head of commodity strategies at TD Securities.

"The probability of a rate cut in January is kind of nothing, but we are pricing some rate cuts by the end of the year here."

Markets now expect the Fed to deliver 40 basis points (bps) worth of rate cuts by year-end, compared with about 31 bps before the inflation data.

The dollar index eased 0.4%, making bullion more attractive for other currency holders. The benchmark 10-year Treasury yields also slipped.

Investors are worried that the potential for tariffs after President-elect Donald Trump re-enters the White House next week could stoke inflation and limit the Fed's ability to lower rates to a greater extent.

Non-yielding bullion is considered a hedge against inflation, although higher rates diminish its appeal.

However, the uncertainties around Trump's tariffs and trade policies for the global economy and their potential impact on growth are likely to sustain safe-haven demand for gold, said Zain Vawda, market analyst at MarketPulse by OANDA.

Spot silver firmed 1% to $30.23 per ounce, platinum rose 0.4% to $938.70, and palladium added 2% to $960.25.