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Saudi PIF Nearly Triples Holdings in US Market

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo
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Saudi PIF Nearly Triples Holdings in US Market

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo

The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, nearly tripled its holdings of US-listed stocks to $43.45 billion in Q3 2021, adding shares of Alibaba Group, Walmart and Pinterest.

Its US-listed stock holdings in the quarter that ended Sept. 30 increased from nearly $16 billion in the prior quarter, according to a US Securities and Exchange Commission filing, which added the PIF made 19 new investments.

A new five-year plan would make the fund the leading catalyst for Saudi Arabia’s economic transformation and diversification.

The Fund plans to double its assets to four trillion riyals ($1.07 trillion) by 2025. To boost domestic economy, it plans to inject at least 150 billion riyals annually in the local economy in the next four years.

The five-year strategy would see the fund creating 1.8 million direct and indirect jobs by 2025, from 331,000 by the end of by the third quarter of 2020.

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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.