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Calls to Accelerate Arab Countries’ Accession to WTO

The headquarters of the World Trade Organization (WTO) in Geneva, Switzerland. (Twitter)
The headquarters of the World Trade Organization (WTO) in Geneva, Switzerland. (Twitter)
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Calls to Accelerate Arab Countries’ Accession to WTO

The headquarters of the World Trade Organization (WTO) in Geneva, Switzerland. (Twitter)
The headquarters of the World Trade Organization (WTO) in Geneva, Switzerland. (Twitter)

A joint Arab ministerial statement underlined the need to accelerate the accession of Arab countries to the World Trade Organization (WTO).

Saudi Minister of Commerce Dr. Majid Bin Abdullah Al-Qasabi, who is also head of the Board of Directors of the General Authority for Foreign Trade, chaired on Sunday the preparatory meeting of Arab commerce ministers, ahead of the 12th ministerial meeting of the World Trade Organization, which will be held in Geneva on Nov.20 -Dec. 3.

Speaking on the occasion, Qasabi stressed the importance of highlighting the vital and active role that the Arab Group plays in international and economic organizations, especially within the WTO.

“A joint ministerial statement was issued containing consensual and common visions of the Arab countries on various issues within the framework of the World Trade Organization,” Qasabi said.

The ministerial statement underlined the need to facilitate and accelerate the accession of Arab countries to the organization, provide technical assistance and capacity building for developing and least developed countries.

It also stressed the need to grant the League of Arab States observer status in the WTO and support the State of Palestine’s request for an observer status, as well as include Arabic as an official working language.

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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

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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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

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 prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.