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Algeria to Increase Energy Production

Fuel storage tanks are pictured in Algiers, Algeria April 21, 2020. (Reuters)
Fuel storage tanks are pictured in Algiers, Algeria April 21, 2020. (Reuters)
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Algeria to Increase Energy Production

Fuel storage tanks are pictured in Algiers, Algeria April 21, 2020. (Reuters)
Fuel storage tanks are pictured in Algiers, Algeria April 21, 2020. (Reuters)

Algeria Mining Minister Mohamed Arkab stressed Sunday the need to continue efforts to renew hydrocarbons reserves and increase production.

“We must work on ensuring energy security,” he said, while urging the need to implement the Gara Djebilet mine and the phosphate projects in eastern Algeria

He ordered officials at the ministry to cooperate with institutions in the sector to improve the quality of services to the people and ensure that energy is provided.

He called for the swift completion of the merger of the mining and energy sectors so that focus can be shifted towards major projects in the sector.

Separately, Algeria decided to increase its share at the African Development Bank (AfDB) capital through underwriting 6,083 additional shares.

President Abdelmadjid Tebboune issued a decree in the official gazette, licensing Algeria’s underwriting in the AfDB shares.

Algeria’s issuance will be paid from the treasury, in accordance with a resolution dating to May 27, 2010, and a resolution dating to Oct. 21, 2020.

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Gold Falls as Positive US-China Talks Hamper Safe-haven Appeal

Gold jewelry are displayed for sale at V&P Jewelry in the St. Vincent Jewelry Center in the Jewelry District of Los Angeles in Los Angeles, Wednesday, April 30, 2025. (AP Photo/Jae C. Hong)
Gold jewelry are displayed for sale at V&P Jewelry in the St. Vincent Jewelry Center in the Jewelry District of Los Angeles in Los Angeles, Wednesday, April 30, 2025. (AP Photo/Jae C. Hong)
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Gold Falls as Positive US-China Talks Hamper Safe-haven Appeal

Gold jewelry are displayed for sale at V&P Jewelry in the St. Vincent Jewelry Center in the Jewelry District of Los Angeles in Los Angeles, Wednesday, April 30, 2025. (AP Photo/Jae C. Hong)
Gold jewelry are displayed for sale at V&P Jewelry in the St. Vincent Jewelry Center in the Jewelry District of Los Angeles in Los Angeles, Wednesday, April 30, 2025. (AP Photo/Jae C. Hong)

Gold slipped on Monday as positive US-China trade talks alleviated market fears, leading investors to shift from safe-haven assets towards riskier investments.

Spot gold fell 1.4% to $3,277.34 an ounce, as of 0432 GMT. US gold futures lost 1.9% to $3,281.70, Reuters reported.

"The dollar index has advanced as the Trump administration touted progress in trade negotiations, with China following negotiations over the weekend in Switzerland which weighed on gold prices," said Jigar Trivedi, senior commodity analyst at Reliance Securities.

The US and China ended high-stakes trade talks on a positive note on Sunday, with US officials touting a "deal" to reduce the US trade deficit, while Chinese officials said they had reached "important consensus".

Chinese Vice Premier He Lifeng said a joint statement would be released in Geneva on Monday.

The US and China imposed tit-for-tat tariffs on each other last month, triggering a trade war that fueled fears of global recession.

The US will be left with higher tariffs once the dust settles from President Donald Trump's trade negotiations, a majority of the current and former Trump advisers Reuters spoke to said.

Gold, traditionally seen as a hedge against economic and political uncertainties, thrives in a low-interest rate environment.

On Friday, Cleveland Fed President Beth Hammack said the Fed needs more time to see how the economy responds to Trump's tariffs and other policies before figuring out the right response.

Traders are also eyeing release of US Consumer Price Index on Tuesday for fresh signals on the Fed's monetary policy trajectory.

"In the near term, gold possibly continue to decline as the dollar could appreciate and amid reducing geopolitical risk the haven demand too may drop hence, the yellow metal may decline to $3,200/oz in the near term," Trivedi added.

Spot silver gained 0.4% to $32.84 an ounce, platinum rose 0.7% to $1,001.90 and palladium firmed 0.6% to $981.20.