Iraq, UAE Sign Contract to Build 5 Solar Power Stations

FILE: Solar installers from Baker Electric place solar panels on the roof of a residential home in Scripps Ranch, San Diego, California, US October 14, 2016. REUTERS/Mike Blake/File Photo
FILE: Solar installers from Baker Electric place solar panels on the roof of a residential home in Scripps Ranch, San Diego, California, US October 14, 2016. REUTERS/Mike Blake/File Photo
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Iraq, UAE Sign Contract to Build 5 Solar Power Stations

FILE: Solar installers from Baker Electric place solar panels on the roof of a residential home in Scripps Ranch, San Diego, California, US October 14, 2016. REUTERS/Mike Blake/File Photo
FILE: Solar installers from Baker Electric place solar panels on the roof of a residential home in Scripps Ranch, San Diego, California, US October 14, 2016. REUTERS/Mike Blake/File Photo

Iraq has signed a contract with a United Arab Emirates-based renewable energy developer to build five solar power plants in the oil-rich country with a chronic energy problem, the company said Thursday.

The signing took place in Baghdad Wednesday between Iraqi officials and the chief executive officer of Masdar, in the presence of Iraqi Prime Minister Mustafa al-Kadhimi.

The agreement calls for the plants - with a combined capacity of 1,000 megawatts - would be developed in the provinces of Dhi Qar in southern Iraq, Ramadi in central Iraq, Mosul in the north and Amarah in the southeast, Masdar said, The Associated Press reported.

“This step is the first practical stage taken by the (Iraqi) government to rely on alternative, clean and renewable energies in the production of electrical energy, and to meet Iraq’s energy needs,” an Iraqi statement posted on the state-run news agency INA said late Wednesday.

Iraq hopes the agreement would help mitigate its energy supply gap. The country is a major oil producer with plentiful energy resources, but Iraq suffers daily power outages across the country due to rampant corruption, an aging grid and other technical issues.



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.