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Riyadh Chamber Signs Cooperation Agreement with China Foreign Trade Center

A general view of Riyadh, Saudi Arabia. Reuters file photo
A general view of Riyadh, Saudi Arabia. Reuters file photo
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Riyadh Chamber Signs Cooperation Agreement with China Foreign Trade Center

A general view of Riyadh, Saudi Arabia. Reuters file photo
A general view of Riyadh, Saudi Arabia. Reuters file photo

The Riyadh Chamber signed on Thursday an agreement with the China Foreign Trade Center (Canton Fair) to enhance and expand commercial, industrial and investment relations by encouraging cooperation among businesspeople.

Vice Chairman of Riyadh Chamber Naif bin Abdullah Al-Rajhi and Deputy Director General of China Foreign Trade Center and Spokesperson of the Canton Fair Xu Bing signed the agreement on behalf of respective institutions.

The agreement aims at enhancing relations and boosting commercial and economic cooperation among businesspeople in Saudi Arabia and China, including the exchange of information and organizing delegations participating in the fair.

The deal also aims to offer assistance to Center delegations that visit the Kingdom, enhance cooperation between the two sides to conduct surveys and evaluations on the Canton Fair and other fairs organized by the Center, and promote the fair on the Chamber's websites.

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Gold Bounces Back from One-month Low after Fed Jitters

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Bounces Back from One-month Low after Fed Jitters

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices erased losses to gain on Thursday, after dipping to the lowest level in a month earlier in the day on the Federal Reserve's hint of a possible rate cut slowdown next year.
Spot gold gained 1.2% to $2,617.96 per ounce as of 0748 GMT, having hit its lowest since Nov. 18 in early trade. However, US gold futures were trading 0.8% lower at $2,632.00.
Bullion declined more than 2% on Wednesday after the Fed lowered rates by 25 basis points as expected, but indicated that there will be fewer cuts by the end of 2025, boosting the dollar and bond yields.
Fed Chair Jerome Powell said more reductions in borrowing costs now hinge on further progress in lowering stubbornly high inflation.
"The big question over here is that because the Fed says they will still be data-dependent and if Trump's policy starts to actually see inflation, a big risk would be that the Fed may not cut rates next year at all," said Kelvin Wong, OANDA's senior market analyst for Asia Pacific.
Markets now expect interest rates to remain unchanged at the Fed's January meeting.
"A rate cut is usually supportive for the yellow metal... but right now gold is up on short-covering after the dip," said Ajay Kedia, director at Kedia Commodities, Mumbai.
Traders are now awaiting key US GDP, initial jobless claims data later in the day and core PCE data - the Fed's preferred inflation measure - on Friday.
"If the US Personal Consumption Expenditures (PCE) data comes in line with expectations that shouldn't be a big surprise. But in case it inches up to 3% and above, we could see some pressure on gold again," Wong said, adding that very short-term oriented speculators are looking for opportunities to buy the dips.
Higher rates dull the appeal of the non-yielding asset.
Spot silver gained 0.8% to $29.59 per ounce, platinum added 0.9% to $927.75 and palladium advanced 1.7% to $917.86.