FII’s Flagship Forum Kicks Off in Riyadh

Preparations underway in Riyadh for the Future Investment Initiative forum, which kicks off on Tuesday (Asharq Al-Awsat)
Preparations underway in Riyadh for the Future Investment Initiative forum, which kicks off on Tuesday (Asharq Al-Awsat)
TT

FII’s Flagship Forum Kicks Off in Riyadh

Preparations underway in Riyadh for the Future Investment Initiative forum, which kicks off on Tuesday (Asharq Al-Awsat)
Preparations underway in Riyadh for the Future Investment Initiative forum, which kicks off on Tuesday (Asharq Al-Awsat)

Financial and investment leaders from around the world have gathered in Riyadh for the annual Future Investment Initiative (FII) forum, which will shed light on topics of international concern.

More than 6,000 global business chiefs, policymakers, investors, and entrepreneurs will participate in the event themed “Investing in Humanity: Enabling a New Global Order.”

Over three days, with more than 500 international speakers, the conference will host 180 sessions by global leaders from different sectors. These sessions will address the most pressing economic questions of our time to shape the future of the global economy.

The FII forum has gained momentum from its international presence in its past editions, which contributed to the formation of many ideas and solutions to the challenges the world is currently facing.

The first day will feature a discussion by a group of Nobel laureates which will try to find sustainable solutions for meeting the global population's basic needs.

Sessions at the forum will talk about the challenges brought on by the new global order, as well as the opportunities that arise from it, such as creating an economic system that improves the quality of life for citizens around the world.

In addition, the first summit at the conference will be held on the first day under the theme “Clash of Generations.”

It is expected that the forum, taking place from Oct. 25-27 in Riyadh, will witness the announcement of agreements and partnerships.

This international gathering in the Saudi capital comes at a time when the world is witnessing many challenges.

“Our way to the New Global Order is filled with unprecedented challenges, which is why the timing and theme of this year's FII is of upmost importance and relevance,” commented Richard Attias, CEO of the FII Institute.

“In its 6th Edition, FII focuses on Investing in Humanity – a call to action that is desperately needed in a time in which supply shocks, inflation, a global energy crisis, and geopolitical conflicts present deep challenges,” he added.



Gold Rebounds to End 6-Session Losing Streak as Dollar Rally Pauses

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 Rebounds to End 6-Session Losing Streak as Dollar Rally Pauses

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 rebounded on Monday, having posted losses in the previous six sessions, with gains driven by a pause in the dollar's rally, while investors await comments from the Federal Reserve officials for clarity on the interest rate trajectory.
Spot gold rose 1% to $2,587.83 per ounce by 0917 GMT, moving away from a two-month low hit on Thursday. US gold futures were up 0.9% at $2,592.20.
Gold prices last week saw their biggest weekly decline in over three years as expectations of less-aggressive interest rate cuts by the Fed boosted the dollar.
However, the dollar was holding flat below Thursday's one-year high after rising 1.6% last week. A softer dollar makes bullion less expensive for buyers holding other currencies, Reuters said.
"We can look to the dollar for a significant part of the current gold price corrections ... I'm not saying you've found a solid physical floor yet, but clearly, some opportunistic buying is coming in to support the market as well," independent analyst Ross Norman said.
"As the year ends, we will see volatility in gold prices and there'll be some books clearing and profit-taking, regardless of what the Fed does in December."
Recent US economic data has reduced expectations for a December rate cut by the Fed. At least seven US central bank officials are due to speak this week.
Higher interest rates make holding gold, which doesn't pay any interest, less attractive.
"President Trump's inauguration is likely to see an ongoing strengthening of the USD (US dollar), which is negative for gold in the short to medium term. However, as his stated policies are likely to be significantly inflationary in the long term, this will benefit gold," said Michael Langford, chief investment officer at Scorpion Minerals.
Spot silver rose 1.4% to $30.63 per ounce, platinum added 1.4% at $951.59 and palladium climbed 1.8% to $967.62.