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Sudan Increases Fuel Prices after Subsidies Removed

People get their car filled at a petrol station in Khartoum, Sudan. November 4, 2016. (Reuters)
People get their car filled at a petrol station in Khartoum, Sudan. November 4, 2016. (Reuters)
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Sudan Increases Fuel Prices after Subsidies Removed

People get their car filled at a petrol station in Khartoum, Sudan. November 4, 2016. (Reuters)
People get their car filled at a petrol station in Khartoum, Sudan. November 4, 2016. (Reuters)

Sudan has increased fuel prices for the first time since subsidies were removed, energy minister Jadein Ali Obeid said on Thursday.

The price of gasoline went up from 290 Sudanese pounds per liter to 320 pounds, while the price of diesel went up to 305 pounds per liter from 285, according to a Reuters witness.

Sudan has been implementing aggressive IMF-monitored reforms in the hopes of turning around its economy and attracting debt relief and renewed financing.

The reforms have been painful and annual inflation climbed to 363 percent in April.

Sudanese officials and the IMF have said the reforms, which included a sharp currency devaluation, would cause prices to rise and add to pressure on citizens.

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Safe-Haven Gold Breaks $2,700/Oz Level as Uncertainty Looms

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Safe-Haven Gold Breaks $2,700/Oz Level as Uncertainty Looms

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold breached the $2,700-per-ounce level on Friday for the first time ever, as US election jitters and simmering Middle East tensions boosted safe-haven demand, while a looser monetary policy environment also added fuel to the rally.
Spot gold firmed 0.6% to $2,709.28 per ounce by 0430 GMT and gained 2% this week. US gold futures rose 0.6% to $2,724.50.
Gold could gather further traction given the fluidity of election developments and geopolitical uncertainties, said OCBC FX strategist Christopher Wong.
Hezbollah said it will escalate war with Israel after the killing of Hamas leader Yahya Sinwar.
Elsewhere, with less than three weeks remaining to cast votes this US presidential election, Democratic Vice President Kamala Harris and Republican former President Donald Trump are stretching for the support of every last voter.
"Gold has scoffed at a surging dollar and rallies at every chance it gets. It's just a bull market that shows no signs of exhaustion," said Tai Wong, a New York-based independent metals trader.
US economic data released overnight pointed to a strengthening economy, which boosted the US dollar. But traders still see a 90% chance of a Federal Reserve rate cut in November. The European Central Bank cut interest rates for the third time this year as the euro zone economy sags.
Lower rates increase the non-yielding bullion's appeal.
Bullion will continue to perform well over the long term, benefiting from the precarious fiscal situations of many Western nations, and the global desire for a store of value independent of other assets and institutions, said Ryan McIntyre, senior portfolio manager at Sprott Asset Management.
Delegates to the London Bullion Market Association's annual gathering
predicted
gold would rise to $2,941 over the next 12 months and silver to $45.
Spot silver rose 0.9% to $31.97 and headed for a weekly gain. Platinum added 0.6% to $997.80 and palladium increased 0.6% to $1,048.55.