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Bahrain Central Bank Expects Real GDP to Grow 3.1% in 2021

The Central Bank of Bahrain is seen in Manama, Oct. 27, 2013. (Reuters)
The Central Bank of Bahrain is seen in Manama, Oct. 27, 2013. (Reuters)
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Bahrain Central Bank Expects Real GDP to Grow 3.1% in 2021

The Central Bank of Bahrain is seen in Manama, Oct. 27, 2013. (Reuters)
The Central Bank of Bahrain is seen in Manama, Oct. 27, 2013. (Reuters)

Bahrain's Central Bank Governor, Rasheed Mohammed al-Maraj, said in an interview published on Sunday he expects the real gross domestic product to grow 3.1 percent in 2021.

Bahrain's annual real GDP growth reached 5.7 percent in the second quarter of 2021, pushed by the growth in the non-oil sector resulting from the recovery of the sectors most damaged by the coronavirus pandemic such as transportation and tourism.

The GDP is expected to continue to grow in the third and fourth quarters of 2021, Maraj said.

He noted that international bond issues denominated in US dollars were made with an amount of $4.5 billion during 2021. International bonds worth $1.475 billion were due during the same year.

The governor told local newspaper Albilad that foreign reserves increased to 1.63 billion dinars in September, and they were expected to keep growing because of the expected increase in revenues due to higher oil prices.

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Gold Hits Four-week Peak on Safe-haven Demand

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
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Gold Hits Four-week Peak on Safe-haven Demand

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold prices rose to a near four-week high on Thursday, supported by safe-haven demand, while investors weighed how US President-elect Donald Trump's policies would impact the economy and inflation.

Spot gold inched up 0.4% to $2,672.18 per ounce, as of 0918 a.m. ET (1418 GMT). US gold futures rose 0.7% to $2,691.80.

"Safe-haven demand is modestly supporting gold, offsetting downside pressure coming from a stronger dollar and higher rates," UBS analyst Giovanni Staunovo said.

The dollar index hovered near a one-week high, making gold less appealing for holders of other currencies, while the benchmark 10-year Treasury yield stayed near eight-month peaks, Reuters reported.

"Market uncertainty is likely to persist with the upcoming inauguration of Donald Trump as the next US president," Staunovo said.

Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries, CNN reported on Wednesday, citing sources familiar with the matter.

Trump will take office on Jan. 20 and his proposed tariffs could potentially ignite trade wars and inflation. In such a scenario, gold, considered a hedge against inflation, is likely to perform well.

Investors' focus now shifts to Friday's US nonfarm payrolls due at 08:30 a.m. ET for further clarity on the Federal Reserve's interest rate path.

Non-farm payrolls likely rose by 160,000 jobs in December after surging by 227,000 in November, a Reuters survey showed.

Gold hit a near four-week high on Wednesday after a weaker-than-expected US private employment report hinted that the Fed may be less cautious about easing rates this year.

However, minutes of the Fed's December policy meeting showed officials' concern that Trump's proposed tariffs and immigration policies may prolong the fight against rising prices.

High rates reduce the non-yielding asset's appeal.

The World Gold Council on Wednesday said physically-backed gold exchange-traded funds registered their first inflow in four years.

Spot silver rose 0.7% to $30.32 per ounce, platinum fell 0.8% to $948.55 and palladium shed 1.4% to $915.75.