Jordan, Germany to Host Middle East and North Africa-Europe Future Energy Dialogue

The Jordanian capital, Amman (AFP)
The Jordanian capital, Amman (AFP)
TT

Jordan, Germany to Host Middle East and North Africa-Europe Future Energy Dialogue

The Jordanian capital, Amman (AFP)
The Jordanian capital, Amman (AFP)

Jordan’s Energy and Mineral Resources Minister Saleh Kharabsheh and German Federal Minister for Economic Affairs and Climate Action Robert Habeck on Saturday announced intensifying cooperation between the two governments in the field of energy policy under the Jordanian-German energy partnership program.

The two countries are scheduled to host the Middle East and North Africa-Europe Future Energy Dialogue (MEFED), which will be held on June 8-9 at the King Hussein Convention Center in the Dead Sea area, according to a ministry statement.

The conference will be held in coordination with the European Commission, the Union for the Mediterranean (UfM), the Arab League, ESCWA, and other global stakeholders and energy agencies.

MEFED is supported by the German-Arab Chamber of Industry and Commerce (GACIC), German Near and Middle East Association (NUMOV), and the North Africa Middle East Initiative of German Business (NMI), the statement said.

The event will attract energy ministers and high-level representatives of the energy sector from MENA and Europe to discuss means necessary to realize sustainable supplies of energy and intensify cooperation between the two regions.

The participating countries and institutions aim to intensify their ambitions to combat climate change and secure energy supply at reasonable prices by diversifying the supply sources, it added.

Kharabsheh said the innovative potential of the Middle East, North Africa and Europe region can help meet this challenge.

For his part, Habeck said the "remarkable" potential of renewable energies in MENA shows that these regions agree to cooperate and develop common areas of action.



Gold Prices Hold Steady as Investors Await US Fed Policy Cues

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
TT

Gold Prices Hold Steady as Investors Await US Fed Policy Cues

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Gold prices remained steady on Wednesday, as investors awaited the US Federal Reserve's decision on interest rates due later in the day, while also focusing on US President Donald Trump's trade policies following his tariff threats.

Spot gold eased 0.2% to $2,758.49 per ounce by 09:55 a.m. ET (1455 GMT), while US gold futures rose 0.3% to $2,775.60, widening the premium over spot gold rates.

The Fed is scheduled to release its latest policy decision and statement at 2 p.m. EST (1900 GMT), with Fed Chair Jerome Powell due to hold a press conference half an hour later to elaborate on the meeting.

The US central bank is widely expected to hold interest rates steady as it awaits further inflation and jobs data and more clarity on the economic impact of Trump's policies before deciding whether to cut borrowing costs again.

"However, the Fed's commentary in regards to the potential for an interest rate cut in the March meeting is going to be in focus," said David Meger, director of metals trading at High Ridge Futures.

Gold prices neared all-time highs last week after Trump called for lower interest rates. Bullion tends to thrive in a low-interest-rate environment as it yields no interest.

Prices, however, retreated sharply on Monday as a sell-off in technology stocks, driven by Chinese AI model DeepSeek, sparked a rush to liquidate bullion to counter losses, according to Reuters.

The sell-off in the stock market seen on Monday may not be over and the unpredictability of Trump's policies is contributing to an increased demand for gold as a safe-haven, said Jim Wyckoff, a senior market analyst at Kitco Metals.

Trump still plans to make good on his promise to issue tariffs on Canada and Mexico, and his policies are widely seen as inflationary.

Elsewhere, spot silver gained 1.7% to $30.92 per ounce, platinum also added 0.5% to $946.45. Palladium was up 0.8% to $962.50.