Saudi Energy Minister, Pakistani Finance Minister Hold 1st Meeting of Steering Committee

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman (Asharq Al-Awsat)
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman (Asharq Al-Awsat)
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Saudi Energy Minister, Pakistani Finance Minister Hold 1st Meeting of Steering Committee

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman (Asharq Al-Awsat)
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman (Asharq Al-Awsat)

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman and Pakistan's Finance Minister Ishaq Dar held on Thursday the first meeting of the Saudi-Pakistani Steering Committee of the Economic Pillar.

Prince Abdulaziz confirmed in a statement that the Kingdom considers Pakistan an important partner in its development plans and programs.

He added that the two countries seek, through the work of this Subcommittee, to promote areas of cooperation, find new partnership opportunities, and create initiatives of mutual benefit and interest to both counties and their peoples.

He hailed the strong and historic relations between the two countries, Saudi Arabia’s official news agency SPA reported.

Prince Abdulaziz also pointed to the cooperation in energy, under which many topics are currently being discussed, such as “cooperation in the oil industry and supply, petrochemicals, electricity, renewable energy, industry, transport, and many other potential opportunities.”

Both sides agreed at the end of the meeting to advance the committee’s work, follow up on the meeting’s outcomes and continue joint coordination between the work teams to achieve results that live up to the aspirations of the leadership and peoples of the two brotherly countries.

The work of the Steering Committee also involves a number of other areas including energy, industry, mineral resources, commerce, finance, environment, agriculture, transport, logistics, communications, information technology, tourism, and investment.



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.