Moody's Announces A2 Corporate Credit Ratings to Saudi Real Estate Refinance Company

The Saudi real estate market is being promoted by the activity of refinancing to increase investor confidence. (Asharq Al-Awsat)
The Saudi real estate market is being promoted by the activity of refinancing to increase investor confidence. (Asharq Al-Awsat)
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Moody's Announces A2 Corporate Credit Ratings to Saudi Real Estate Refinance Company

The Saudi real estate market is being promoted by the activity of refinancing to increase investor confidence. (Asharq Al-Awsat)
The Saudi real estate market is being promoted by the activity of refinancing to increase investor confidence. (Asharq Al-Awsat)

Moody's has assigned first-time issuer ratings to Saudi Real Estate Refinance Company (SRC) of A2.

SRC's baa3 BCA reflects the company's solid asset quality and strong capitalization which are moderated by a still evolving profitability profile, high reliance on wholesale funding, concentrated exposure to the relatively new mortgage market in Saudi Arabia, and low levels of liquidity.

The Company announced that this high rating comes as a result of its continuous work to provide the necessary liquidity in the housing sector in the Kingdom, in a way that contributes to increasing the ownership of Saudi families and boosting the confidence of local and international investors in the Saudi market.

The Saudi Real Estate Refinance Company was established in 2017 to develop the Saudi housing finance market by enabling originators to offer homebuyers long- and short-term financing solutions.

SRC is solely owned by the Saudi government through the Public Investment Fund and is licensed to operate in the secondary real estate market by the Saudi Central Bank.

The Minister of Municipal and Rural Affairs and Housing and Chairman of SRC Majed al-Hogail said that the SRC was established by the Public Investment Fund (PIF) to become an integral part of the Kingdom’s housing ecosystem and has played a vital role in supporting the development of a secondary mortgage market over the last three years.

These high corporate credit ratings illustrate SRC’s efforts, the collective strength of Saudi Arabia’s housing ecosystem, which is in line with Vision 2030’s objectives to raise homeownership rates in Saudi Arabia.

SRC’s financing portfolio reached SAR6.5 billion in 2020 from SAR2.2 billion in 2019, and in March 2021 it successfully issued SAR4 billion domestic Sukuk guaranteed by the Kingdom that was oversubscribed.

SRC CEO Fabrice Susini explained that SRC has steadily focused on its mission and on achieving its central goals, welcoming these high corporate credit ratings, which showcase the strength of the business model, the adaptability of the industry, and the strong ecosystem supported by government initiatives including Vision 2030’s housing program.

“These ratings will support SRC’s efforts in fulfilling its ambitious goals and boosting local and international investors' confidence, in the standards and viability of the Saudi real estate industry and its stakeholders,” he indicated.



Ministry: Saudi Mining Licenses Surged 138% in 2023

Saudi Arabia’s new mining investment system was launched with the aim of stimulating investment in the sector and developing it (Ministry of Industry and Mineral Resources website)
Saudi Arabia’s new mining investment system was launched with the aim of stimulating investment in the sector and developing it (Ministry of Industry and Mineral Resources website)
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Ministry: Saudi Mining Licenses Surged 138% in 2023

Saudi Arabia’s new mining investment system was launched with the aim of stimulating investment in the sector and developing it (Ministry of Industry and Mineral Resources website)
Saudi Arabia’s new mining investment system was launched with the aim of stimulating investment in the sector and developing it (Ministry of Industry and Mineral Resources website)

Since the launch of Saudi Arabia's new mining investment system in January 2021, there has been a sharp upswing in issued mining licenses.

The Ministry of Industry and Mineral Resources reported that licenses rose from eight before the system’s launch to 19 in 2023, marking a growth of 138%.

This surge reflects Saudi Arabia’s efforts to make mining a key part of its economy and attract global investors. The goal is to tap into the Kingdom’s vast mineral wealth, estimated at $2.5 trillion, and diversify its economy.

The streamlined process for obtaining mining licenses has made the sector more attractive to both local and international investors.

As a result, the number of licenses for quarrying construction materials jumped to 538 in 2023, compared to 158 before the new system, a growth of 241%.

Additionally, exploration licenses also increased significantly, reaching 259 in 2023 compared to 58 previously, marking a growth of 347%.

Strategic initiatives like accelerated exploration programs have sped up the approval process for mining licenses, reducing wait times from months to a more efficient process.

Overall, Saudi Arabia’s new mining investment system aims to stimulate investment in the sector and boost mineral production, signaling the Kingdom’s commitment to building a strong and competitive mining industry.


Alvarez & Marsal: Performance of Saudi Banks is Largely Robust, Positive

Alvarez & Marsal released its 4th annual edition of the Kingdom of Saudi Arabia (KSA) Banking Pulse for fiscal year 2023. SPA
Alvarez & Marsal released its 4th annual edition of the Kingdom of Saudi Arabia (KSA) Banking Pulse for fiscal year 2023. SPA
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Alvarez & Marsal: Performance of Saudi Banks is Largely Robust, Positive

Alvarez & Marsal released its 4th annual edition of the Kingdom of Saudi Arabia (KSA) Banking Pulse for fiscal year 2023. SPA
Alvarez & Marsal released its 4th annual edition of the Kingdom of Saudi Arabia (KSA) Banking Pulse for fiscal year 2023. SPA

The performance of the top 10 banks in Saudi Arabia is largely robust and positive, global professional services firm Alvarez & Marsal (A&M) has said.

The firm has released its 4th annual edition of the Kingdom of Saudi Arabia (KSA) Banking Pulse for fiscal year 2023.

It said operating income grew by 9.5 percent reflecting the effect of higher Non-Interest Income (NII). The year also saw Net Interest Margins (NIM) improving by 3.5 percent with both the cost-to-income ratio (C/I) and the COR showing improvement. Overall, return on equity (ROE) increased to 14.5 percent while return on assets (ROA) stayed constant at a healthy 2.0 percent.

“Looking ahead, we expect the outlook for Saudi banks to remain stable to positive,” said the report.

It also said that during the year, Government Related Entities (GRE) deposits reached a record high at 31.2 percent of total KSA bank deposits; this accounted for 68.2 percent of the total deposit increase in FY’23. The resulting in increase in money supply in the economy helped moderate the liquidity conditions in the Saudi banking system.

Net Interest Margin (NIM) expanded marginally to 3.1 percent as the yield on credit (YoC) expanded (+2.1 percent YoY) more than cost of funds (CoF) (+1.8 percent YoY). The slower pace of differential loan growth in comparison to deposit growth came as Saudi Central Bank (SAMA) increased the policy rate.

Managing Director and Head of Middle East financial services at A&M Asad Ahmed said: “Our 4th annual KSA Banking Pulse underscores the stability and growth potential of the Saudi banking sector, which has shown remarkable operating income growth and an uptick in return on equity.”

“Despite some challenges in the economic landscape, the industry has adeptly navigated through, leveraging favorable credit conditions. Our analysis reflects the sector's enduring stability and promising upward trajectory, reinforcing our optimism for its future,” he added.


Saudi Aramco CEO Says Phasing out of Fossil Fuels Is a ‘Fantasy’ 

Saudi Aramco CEO Amin Nasser speaks at the CERAWeek conference in Houston. (X platform)
Saudi Aramco CEO Amin Nasser speaks at the CERAWeek conference in Houston. (X platform)
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Saudi Aramco CEO Says Phasing out of Fossil Fuels Is a ‘Fantasy’ 

Saudi Aramco CEO Amin Nasser speaks at the CERAWeek conference in Houston. (X platform)
Saudi Aramco CEO Amin Nasser speaks at the CERAWeek conference in Houston. (X platform)

Saudi Aramco CEO Amin Nasser said on Monday global oil demand will not peak for some time, so policy makers need to ensure sufficient investment in oil and gas to meet consumption and abandon the fantasy of phasing out fossil fuels.

In remarks to oil and gas executives at the CERAWeek conference in Houston, he added that despite growing investment, alternative energy has yet to displace hydrocarbons at scale.

"All this strengthens the view that peak oil and gas is unlikely for some time to come, let alone 2030," he said.

Oil demand will reach a new record of 104 million barrels per day (bpd) in 2024, Nasser remarked.

Moreover, he stated that shipping disruption in the Red Sea due to attacks by Yemen's Houthi militias had "made a tight situation tighter" in shipping markets.

He added, however, that the attacks had minimal impact on Saudi oil exports. Aramco remained resilient, aided by its strategic infrastructure, including the East-West pipeline.

He reiterated Aramco’s substantial spare capacity of 3 million bpd, reaffirming the company’s readiness to address any unforeseen disruptions in global oil supply.


Iraq to Reduce Its Crude Exports to 3.3 Million Barrels a Day 

An aerial view shows Majnoon oil field near Basra, Iraq, May 12, 2023. (Reuters)
An aerial view shows Majnoon oil field near Basra, Iraq, May 12, 2023. (Reuters)
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Iraq to Reduce Its Crude Exports to 3.3 Million Barrels a Day 

An aerial view shows Majnoon oil field near Basra, Iraq, May 12, 2023. (Reuters)
An aerial view shows Majnoon oil field near Basra, Iraq, May 12, 2023. (Reuters)

Iraq will reduce its crude exports to 3.3 million barrels a day (bpd) in the coming months to compensate for exceeding its OPEC+ quota since January, the oil ministry said on Monday.

OPEC's second-largest producer Iraq pumped significantly more in January and February than an output target established in January when several members of the Organization of the Petroleum Exporting Countries and allies (OPEC+), including Iraq, agreed to support the oil market.

Iraq's oil ministry said in a statement on Monday it was committed to voluntary cuts agreed with OPEC+, which limit it to producing 4 million bpd.

Iraq exported an average 3.43 million bpd in February, the oil ministry said earlier this month, meaning Monday's pledge amounts to a cut of 130,000 bpd from last month's rate.


World Bank Group to Provide Egypt with $6 Bln over Three Years

People buy fruits and vegetables at a local market in Cairo, Egypt, 12 March 2024. (EPA)
People buy fruits and vegetables at a local market in Cairo, Egypt, 12 March 2024. (EPA)
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World Bank Group to Provide Egypt with $6 Bln over Three Years

People buy fruits and vegetables at a local market in Cairo, Egypt, 12 March 2024. (EPA)
People buy fruits and vegetables at a local market in Cairo, Egypt, 12 March 2024. (EPA)

The World Bank Group said on Monday it intends to provide more than $6 billion of support over the coming three years to Egypt, which has been struggling with a foreign currency crunch and gaping budget and balance of payments deficits.

The World Bank Group said $3 billion will go towards government programs and $3 billion to the private sector, all subject to the group's board approval.

The announcement follows Egypt's signing on March 6 of a loan agreement with the International Monetary Fund that expanded IMF support to Egypt by $5 billion and by an announcement on Sunday of $8.1 billion euros in financing from the European Union.

Egypt's central bank on March 6 let the pound plummet and said it would allow the currency to trade freely. The currency had been fixed against the dollar for 12 months.

Some $3 billion of the World Bank financing will be distributed to the government and its programs over three years, with the first $1 billion expected to arrive by the end of June, Egypt country director Stephane Guimbert told Reuters.

"Some significant part of that will go to budget support. and then we have a range of programs on climate, on SMEs (small and medium-sized enterprises), etc.," Guimbert said.

Another $3 billion will be directed through the World Bank Group's private sector arm, the International Finance Corporation (IFC), including through equity and loans, and will be made up partly by funds mobilized from other investors.

The financing is still subject to the group's board approval, which is expected before the end of June, Guimbert said. "And then we’ll disburse as soon as we can after that."

The World Bank program will focus in part on helping state-owned enterprises "that are not sold, that remain within government control, and the way they are managed, including levelling the playing field with the private sector", he said.

The World Bank funds will also help finance Egypt's social protection project, Takafol and Karama, as well as water and agriculture programs.

Egypt has been selling assets to boost the private sector and raise scarce hard currency, setting a target in 2022 to raise $10 billion annually over four years through private investment in state assets.

Egypt last month raised $35 billion by selling the development rights of the Ras al-Hikma peninsula on the Mediterranean coast to the Emirati sovereign wealth fund ADQ.

The World Bank Group said its current operational portfolio in Egypt is more than $8 billion, comprising $6 billion from the International Bank for Reconstruction and Development, $1.9 billion from the IFC and $0.5 billion from the Multilateral Investment Guarantee Agency.


IAEA to Help Iraq Develop Peaceful Nuclear Program, Agency Head Says 

Director General of the International Atomic Energy Agency (IAEA) Rafael Grossi attends a press briefing at the Foreign Press Center in Tokyo, Japan, 14 March 2024, after inspecting decommissioning work and the releasing of treated radioactive water at Tokyo Electric Power Company (TEPCO)'s Fukushima Daiichi Nuclear Power Plant in Okuma, Fukushima Prefecture. (EPA)
Director General of the International Atomic Energy Agency (IAEA) Rafael Grossi attends a press briefing at the Foreign Press Center in Tokyo, Japan, 14 March 2024, after inspecting decommissioning work and the releasing of treated radioactive water at Tokyo Electric Power Company (TEPCO)'s Fukushima Daiichi Nuclear Power Plant in Okuma, Fukushima Prefecture. (EPA)
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IAEA to Help Iraq Develop Peaceful Nuclear Program, Agency Head Says 

Director General of the International Atomic Energy Agency (IAEA) Rafael Grossi attends a press briefing at the Foreign Press Center in Tokyo, Japan, 14 March 2024, after inspecting decommissioning work and the releasing of treated radioactive water at Tokyo Electric Power Company (TEPCO)'s Fukushima Daiichi Nuclear Power Plant in Okuma, Fukushima Prefecture. (EPA)
Director General of the International Atomic Energy Agency (IAEA) Rafael Grossi attends a press briefing at the Foreign Press Center in Tokyo, Japan, 14 March 2024, after inspecting decommissioning work and the releasing of treated radioactive water at Tokyo Electric Power Company (TEPCO)'s Fukushima Daiichi Nuclear Power Plant in Okuma, Fukushima Prefecture. (EPA)

The head of the International Atomic Energy Agency Rafael Grossi met Iraq's prime minister in Baghdad on Monday as part of a visit to help the country develop a peaceful nuclear program.

"We have discussed several projects in Iraq, including building a nuclear reactor for peaceful purposes," Iraqi Education Minister Naim al-Aboudi told reporters following a meeting between Grossi and Iraqi Prime Minister Mohammed Shia al-Sudani.

Grossi said that a team of Iraqi experts would visit the agency's headquarters in Vienna in a few days to hold meetings to "set out a road map for the Iraqi peaceful nuclear program" amid growing interest in nuclear energy in the region.

"We see that in the (United Arab) Emirates, we see that in Egypt ... and of course we should see it here in Iraq," Grossi told reporters.

Iraq in the past had three nuclear reactors in Tuwaitha, its main nuclear research site, south of Baghdad. One was destroyed by an Israeli air raid in 1981 and the two others by US warplanes in the 1991 Gulf war that followed Iraq's 1990 invasion of Kuwait.

"Definitely, turning the page on this complex past is of the essence and we're doing just that," Grossi said.


Palestinian Unemployment Rate Seen Spiking to Over 50% Amid Gaza Conflict, ILO Says 

People walk in Gaza, amid the ongoing conflict between Israel and the Palestinian group Hamas, as seen from Israel, March 17, 2024. (Reuters)
People walk in Gaza, amid the ongoing conflict between Israel and the Palestinian group Hamas, as seen from Israel, March 17, 2024. (Reuters)
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Palestinian Unemployment Rate Seen Spiking to Over 50% Amid Gaza Conflict, ILO Says 

People walk in Gaza, amid the ongoing conflict between Israel and the Palestinian group Hamas, as seen from Israel, March 17, 2024. (Reuters)
People walk in Gaza, amid the ongoing conflict between Israel and the Palestinian group Hamas, as seen from Israel, March 17, 2024. (Reuters)

The Israel-Palestinian conflict is seen pushing the rate of Palestinian unemployment in the occupied West Bank and Gaza to above 50%, the International Labour Organization said on Monday.

Already more than half a million jobs have been lost since Oct. 7 2023, when Israel began a retaliatory military campaign in Gaza after Hamas militants launched deadly cross-border attacks, the new report showed. If the conflict continues until end-March then the unemployment rate will soar to 57%, it said.

ILO Regional Director for Arab States Ruba Jaradat said that the destruction of infrastructure and schools, hospitals and business in Gaza had "decimated entire economic sectors and paralyzed labor market activity, with untold repercussions on the lives and livelihoods of Palestinians for generations to come."

In Gaza, some 200,000 jobs have been lost, accounting for about two-thirds of total employment in the enclave.

In the West Bank, the report described "near lockdown" conditions with more than 650 permanent and temporary checkpoints across the territory having significant negative effects on the economy. More than 300,000 jobs, or about a third of total employment, have already been lost there, it said.


Economic Growth Boosts Role of Finance Companies in Saudi Arabia

The personal financing category topped the list with a significant increase of 666% (Asharq Al-Awsat)
The personal financing category topped the list with a significant increase of 666% (Asharq Al-Awsat)
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Economic Growth Boosts Role of Finance Companies in Saudi Arabia

The personal financing category topped the list with a significant increase of 666% (Asharq Al-Awsat)
The personal financing category topped the list with a significant increase of 666% (Asharq Al-Awsat)

Saudi Arabia's efforts to boost its economy and encourage local investments have led to a significant rise in loans provided by finance companies, reaching the highest levels in almost four years.

These loans increased by 73% to SAR 84.9 billion ($22.6 billion) by the end of 2023, compared to SAR 49.3 billion ($13.1 billion) in 2019.

Real estate financing took the largest share at 28%, while personal financing saw a massive increase of over 666%.

Finance companies, different from banks, specialize in providing loans and credit services to individuals and businesses. They aim to finance purchase and sale transactions for goods and services, often charging higher interest rates than banks to make profits.

These companies play a crucial role in providing financial solutions to individuals and businesses facing money problems.

By the end of 2023, Saudi Arabia had 59 licensed finance companies, with total assets of SAR65.5 billion, up by 68% from 2019.

According to data from the Central Bank of Saudi Arabia (SAMA), the capital of these companies increased by 25% to 15.4 billion Saudi riyals during the same period.

Mohammed Al-Faraj, Chief Asset Management Officer at Arbah Capital, explained to Asharq Al-Awsat that the lending surge was driven by Saudi Arabia’s strong economic growth, leading to increased demand for financing from individuals and businesses.

Loans from finance companies have positively impacted the economy by increasing investment, creating jobs, and boosting consumption, added Al-Faraj.

The finance sector enjoys high liquidity, with non-performing loans accounting for only 5% of total loans by the end of 2023.

Al-Faraj expected this trend to continue due to robust economic growth.

He also anticipated continued growth in the finance sector, with net income reaching SAR 1.6 billion by the end of 2023, up by 20% from 2019. Additionally, he predicted increased competition as finance companies expand their services and new players enter the market.

Ibrahim Al-Nwaibet, CEO of KASB Capital, pointed to the Kingdom’s real estate financing developments as the reason for the increase.

Residential financing hit SAR23.1 billion by 2023-end, making up 28% of total financing. However, he foresaw real estate finance companies moving away from the sector toward corporate and other activities.

At the start of this year, the National Housing Company, part of the Ministry of Municipal and Rural Affairs and Housing, announced a reduced financing margin for residential projects in suburbs and urban areas.

This move, in collaboration with four local banks, aimed to benefit the first 10,000 sales contracts without setting salary limits.


Oil Mergers, Clean Fuels Vie for Attention at Houston Energy Conference

FILE PHOTO: Mike Wirth, the CEO of Chevron Corporation, speaks with Daniel Yergin, the vice chairman of S&P Global, as top energy executives and officials from around the world gather during the CERAWeek 2023 by S&P Global, energy conference in Houston, Texas, US, March 6, 2023. REUTERS/Callaghan O'Hare/File Photo
FILE PHOTO: Mike Wirth, the CEO of Chevron Corporation, speaks with Daniel Yergin, the vice chairman of S&P Global, as top energy executives and officials from around the world gather during the CERAWeek 2023 by S&P Global, energy conference in Houston, Texas, US, March 6, 2023. REUTERS/Callaghan O'Hare/File Photo
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Oil Mergers, Clean Fuels Vie for Attention at Houston Energy Conference

FILE PHOTO: Mike Wirth, the CEO of Chevron Corporation, speaks with Daniel Yergin, the vice chairman of S&P Global, as top energy executives and officials from around the world gather during the CERAWeek 2023 by S&P Global, energy conference in Houston, Texas, US, March 6, 2023. REUTERS/Callaghan O'Hare/File Photo
FILE PHOTO: Mike Wirth, the CEO of Chevron Corporation, speaks with Daniel Yergin, the vice chairman of S&P Global, as top energy executives and officials from around the world gather during the CERAWeek 2023 by S&P Global, energy conference in Houston, Texas, US, March 6, 2023. REUTERS/Callaghan O'Hare/File Photo

Top oil executives and ministers descend on Houston this week for one of the world's biggest energy conferences emboldened by blockbuster mergers, stable oil prices and less pressure for a large scale move to clean fuels.

Global oil prices have remained in a range between $75 and $85 per barrel, a level fueling profits but not hurting economic growth, despite war in Eastern Europe and turmoil in the Middle East. Stock markets continue to spur deals, making Big Oil even bigger.
The annual CERAWeek conference comes as demand for oil and gas continues to rise alongside solar, wind and biofuels. Energy markets have accommodated a reordering of global flows as customers turn more to regional energy suppliers or live with longer seaborne supply chains.
"A remarkable thing is the (price) stability, given the geopolitical turmoil," said Daniel Yergin, vice chairman of conference organizer S&P Global and a Pulitzer Prize-winning author on global energy.
Unlike past conferences where conversations were dominated by market-share battles between USshale oil producers and the Organization of the Petroleum Exporting Countries, talk of price wars have been supplanted by energy security issues, Yergin said, according to Reuters.
"When demand was down and prices were down, it was very easy to see a way towards energy transition, but with Russia/Ukraine (war) and price shocks, energy security is back on the table," Yergin added.
More than 7,200 people are expected to hear the latest outlook on energy markets from the heads of top producers.
Global liquefied natural gas (LNG) developments and US climate policies will be a major topic in separate sessions by big exporters Cheniere Energy and Venture Global LNG, while US Energy Secretary Jennifer Granholm and White House adviser John Podesta press the administration's climate goals.
While oil prices are strong, natural gas has been overwhelmed by a production glut. But "this year will be a transition year to a much more bullish gas and power market next year," said Vikas Dwivedi, an energy strategist at financial firm Macquarie Group.

Climate concerns are reflected in the conference sessions on carbon sequestration technology and hydrogen fuels, which have become two of the oil industry's favorite means of addressing global warming. The role of artificial intelligence in energy production and carbon emissions are prominent sessions this year.


Gold Slips as Dollar Firms, Cenbank Meetings in Focus

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Slips as Dollar Firms, Cenbank Meetings in Focus

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices slipped on Monday as the dollar held firm and investors braced for a slew of policy decisions from major global central banks including the US Federal Reserve this week.
Spot gold was down 0.4% to $2,147.79 per ounce, as of 0534 GMT. US gold futures fell 0.5% to $2,150.40, Reuters reported.
"A fairly hawkish outcome from the Fed has been baked in... it shows a fairly strong consensus that there might only be one or two cuts this year," said Kyle Rodda, a financial market analyst at Capital.com.
The Fed is considered certain to keep rates at 5.25%-5.5% at the end of its two-day meeting on Wednesday. But there is a possibility that the Fed might signal a higher-for-longer outlook on policy given the stickiness of inflation at both a consumer and producer level.
Traders are now pricing in an about 56% chance of a rate cut in June. Higher interest rates reduce the appeal of holding non-yielding gold.
Last week, data showed that US consumer prices increased solidly in February and producer prices rose more than expected amid a surge in the cost of goods like gasoline and food.
"If we get a less hawkish outcome from the Fed, there's every reason that we will see a weaker dollar, lower yields, and that could just fuel a rally and provide some fundamental impetus and then you are looking at $2,200 levels," said Rodda.
The dollar held steady near a two-week high against its rivals, making gold more expensive for other currency holders.
Meanwhile, the Bank of Japan is expected to exit its ultra-dovish monetary policy at its two-day meeting ending on Tuesday. The Bank of England will hold its meeting on Thursday and is expected to stay put on rates.
Spot silver dipped 0.6% to $25.01, platinum fell 0.6% to $927.63 per ounce and palladium lost 0.6% to $1,071.01.