Dubai’s Crown Prince: Metaverse Will Shape a New Digital Future for Humanity

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum spoke on the first day of the inaugural Dubai Metaverse Assembly. Asharq al-Awsat
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum spoke on the first day of the inaugural Dubai Metaverse Assembly. Asharq al-Awsat
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Dubai’s Crown Prince: Metaverse Will Shape a New Digital Future for Humanity

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum spoke on the first day of the inaugural Dubai Metaverse Assembly. Asharq al-Awsat
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum spoke on the first day of the inaugural Dubai Metaverse Assembly. Asharq al-Awsat

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of Dubai Executive Council and Chairman of the Board of Trustees of the Dubai Future Foundation (DFF), has said the metaverse will shape a new digital future for humanity, Emirates News Agency (WAM) reported Wednesday.

He was speaking on the first day of the inaugural Dubai Metaverse Assembly, organized by the DFF.

Over 500 global experts and policymakers, and more than 40 leading local and global organizations specialized in metaverse and digital technologies, are participating in the two-day event. More than 20,000 attended the first day of the event using both virtual platforms and metaverse technologies, WAM said.

"Dubai is emerging as a major contributor to shaping a new global vision for advanced technology and a pioneer in adopting next-generation digital innovation,” the state-news agency quoted Sheikh Hamdan as saying.

"We are constantly working to foster the development of technological tools and applications to raise the community’s quality of life. In the coming years, the metaverse will shape a new digital future for humanity and Dubai will consolidate its status as a testbed for innovation in this emerging technology," he added.

He stressed that Dubai will always welcome innovators and experts to explore and design the future of the metaverse and explore its potential.

"Through the Dubai Metaverse Assembly, we aim to provide a global platform for the metaverse community to discuss new opportunities emerging from this new technology and promote knowledge-sharing and partnerships between entrepreneurs and innovators. We also look forward to discussing how the metaverse can generate solutions for some of the world’s most critical challenges," Sheikh Hamdan stated.

He further said Dubai seeks to be a hub for the global metaverse community, a goal that it will achieve by working closely with its partners and the world’s best experts in the field. "Dubai's advanced digital infrastructure positions it as a strategic partner for the development of the metaverse, artificial intelligence and other technologies."



Gold Edges Down as Markets Eye Fed's 2025 Monetary Policy Outlook

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 Edges Down as Markets Eye Fed's 2025 Monetary Policy Outlook

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 edged lower as the dollar held firm on Wednesday, with investors awaiting a key US Federal Reserve decision expected to shape market sentiment and gold's trajectory by outlining the central bank's 2025 outlook.

Spot gold slipped 0.3% to $2,637.13 per ounce by 10:00 a.m. EST (1500 GMT). US gold futures were down 0.3% at $2,653.20.

The Fed's 2025 economic projections and decision are due at 2 p.m. EST (1900 GMT), followed by Fed chair Jerome Powell's press conference at 2:30 p.m. EST, Reuters reported.

"What markets will truly focus on is the tone set by Jerome Powell. A hawkish stance could drive Treasury yields higher and bolster the dollar, putting downward pressure on gold prices," said Ricardo Evangelista, senior analyst at ActivTrades.

"Conversely, a more cautious tone might provide some support for bullion."

While markets are pricing in a 99% probability of a 25 basis point rate cut during this meeting, the chances of another reduction in January stand at only 17%.

Non-yielding gold tends to do well in a low-interest-rate environment.

Traders are also watching out for key US GDP and inflation data due later this week that could further shape expectations around monetary policy.

"I do see the consolidation as a continuation pattern within the longer term uptrend in gold. I think that trend will re-exert itself in the first quarter of 2025," said Peter Grant, vice president and senior metals strategist at Zaner Metals.

Grant highlighted that bullion remains underpinned by easing central bank policies, geopolitical tensions, sustained buying by central banks, and rising global political instability.

UBS echoed this sentiment in a note, predicting gold would "build on its gains in 2025." The bank emphasized that central banks are likely to continue accumulating gold as they diversify reserves, while heightened demand for hedges could drive inflows into gold-backed exchange-traded funds (ETFs).

Spot silver fell 1.1% at $30.19 per ounce, platinum slipped 1.3% to $926.90, while palladium declined 1.3% to $922.19.