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Egypt Post Becomes Member of Union of Arab Banks

General view of Nile River (File photo: Reuters)
General view of Nile River (File photo: Reuters)
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Egypt Post Becomes Member of Union of Arab Banks

General view of Nile River (File photo: Reuters)
General view of Nile River (File photo: Reuters)

Egypt Post became a member of the Union of Arab Banks to study the latest services and technologies in the financial field.

Egyptian Post Chairman Sharif Farouk said that joining the Union supports the state's plans to achieve financial inclusion.

Farouk stated that the purpose is to follow up on all international banking developments as well as regional changes and transformations of the banking community to keep up with current issues in the Arab and global arenas.

Farouk pointed out that Egypt Post always seeks to cooperate with all institutions and agencies to move forward in achieving its plan in financial inclusion and digital empowerment.

Joining the Union of Arab Banks allows Egypt Post to exchange experiences, hold training workshops and provide technical, legal, financial, and banking consultations, according to Farouk.

The Union of Arab Banks includes the best bankers and financial and economic experts from 350 banks.

The Union is a member of the Higher Coordinating Committee for Joint Arab Action and is headed by the Secretary-General of the Arab League. It is an Arab regional organization affiliated with the Arab Administrative Development Organization of the Arab League.

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Gold Prices Climb on Safe-Haven Demand; US Payrolls Data in Focus

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)
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Gold Prices Climb on Safe-Haven Demand; US Payrolls Data in Focus

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 climbed on Friday, supported by safe-haven demand arising from the Middle East conflict, while spotlight shifted towards US payrolls report to gauge the trajectory of the Federal Reserve's policy path.
Spot gold was up 0.3% at $2,662.50 per ounce, as of 0325 GMT, after climbing to an all-time high of $2,685.42 on Sept. 26. Bullion has gained 0.2 for the week.
US gold futures edged 0.1% higher to $2,682.10.
The dollar eased 0.1%, pulling back from over a one-month high, making greenback-priced bullion less expensive for other currency holders, reported Reuters.
Geopolitical tensions, particularly concerning Israel and Iran, are supporting gold prices and unless these risks subside, prices are likely to remain near record levels, said Ajay Kedia, director at Kedia Commodities, Mumbai.
The US is discussing strikes on Iran's oil facilities as retaliation for Tehran's missile attack on Israel, President Joe Biden said, while Israel's military hit Beirut with new air strikes in its battle against Lebanese armed group Hezbollah.
Bullion is considered a safe investment during times of political and financial uncertainty, and thrives in a low-rate environment.
The US nonfarm payroll data is due at 1230 GMT. New York Fed President John Williams and Chicago Fed President Austan are also scheduled to speak later in the day.
If the NFP report comes in strong, it will be positive for the dollar and then gold prices will see some profit-booking, Kedia added.
Traders see a 69% chance of a 25-basis-point Fed rate cut in November, according to CME FedWatch Tool.
BMI said in a note it expects gold prices to trade within the range of $2,500 to $2,800 in the coming months.
Spot silver rose 0.4% to $32.17 per ounce and has gained about 1.8% so far this week.
Platinum climbed 1.1% to $1,001.79 and palladium advanced 1.4% to $1,013.46.