Chemical Sustainability in the Gulf Will Be Highlight of GPCA Forum in December

Proceedings of the GPCA in 2020. (Asharq Al-Awsat)
Proceedings of the GPCA in 2020. (Asharq Al-Awsat)
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Chemical Sustainability in the Gulf Will Be Highlight of GPCA Forum in December

Proceedings of the GPCA in 2020. (Asharq Al-Awsat)
Proceedings of the GPCA in 2020. (Asharq Al-Awsat)

The Gulf Petrochemicals and Chemicals Association (GPCA) is set to discuss the challenges facing the sector and propose solutions for them at the 16th edition of the annual forum in December.

The forum, “Shaping a Sustainable Future with Chemicals”, will take place in Riyadh for the first time from December 6 to 8.

Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman will deliver the inaugural speech and chair a dialogue session with Gulf energy ministers.

GPCA Secretary General Dr. Abdulwahab Al-Sadoun said this year’s forum is being held amid extraordinary circumstances in the world.

The chemical industry is facing several challenges, most notably in regards to climate, food security and the economy, creating uncertainty over the future of the industry.

Al-Sadoun said he was looking forward to discussions that would provide solutions to global challenges and highlight how digitization and innovation can contribute to the industry.

Participants will also spotlight plans set in place by companies to commit to their obligations toward sustainability and decarbonization.

Welcome remarks will be delivered by Eng. Abdulrahman Al-Fageeh, Acting Chief Executive Officer of SABIC and Chairman of the GPCA.

It will be followed by an inaugural address by Prince Abdulaziz.

Energy ministers will hold a panel on “Balancing net-zero ambitions in the energy sector with growth – A policymaker’s balancing act.”

Keynote sessions on December 6 will feature Amin Nasser, President and CEO of Saudi Aramco, and Dr. Martin Brudermuller, Chairman of the Board of Executive Directors of BASF.

Talks at the three-day event will focus on the most urgent issues affecting the sector, including the transformation to clean energy, changing the concepts of environmental and social practices, restructuring future supply chains of chemicals, and innovation in the agri-nutrients industry.

The GPCA annual forum was launched in 2006 and has become the key event in the chemicals industry regionally and globally.

More than 2,500 representatives of around 600 companies from 91 countries will participate in this year’s edition.



Gold Advances as Softer Core CPI Data Revives Fed Easing Hopes

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)
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Gold Advances as Softer Core CPI Data Revives Fed Easing Hopes

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 extended gains on Wednesday, as the dollar dipped after US core inflation data came in softer than expected, abating inflation pressures and rekindling expectations that the Federal Reserve's easing cycle may not be over yet.

Spot gold gained 0.4% to $2,688.19 per ounce by 0915 a.m. ET (1415 GMT). US gold futures were up 1.1% to $2,711.40.

Excluding volatile food and energy components, core CPI increased 3.2% on an annual basis, compared with an expected 3.3% rise, the US Bureau of Labor Statistics said on Wednesday, Reuters reported.

"Core CPI came in a little bit below expectations. This is a bit of a positive for gold... The corollary to this is that the Fed will not necessarily exclude the possibility of cutting rates," said Bart Melek, head of commodity strategies at TD Securities.

"The probability of a rate cut in January is kind of nothing, but we are pricing some rate cuts by the end of the year here."

Markets now expect the Fed to deliver 40 basis points (bps) worth of rate cuts by year-end, compared with about 31 bps before the inflation data.

The dollar index eased 0.4%, making bullion more attractive for other currency holders. The benchmark 10-year Treasury yields also slipped.

Investors are worried that the potential for tariffs after President-elect Donald Trump re-enters the White House next week could stoke inflation and limit the Fed's ability to lower rates to a greater extent.

Non-yielding bullion is considered a hedge against inflation, although higher rates diminish its appeal.

However, the uncertainties around Trump's tariffs and trade policies for the global economy and their potential impact on growth are likely to sustain safe-haven demand for gold, said Zain Vawda, market analyst at MarketPulse by OANDA.

Spot silver firmed 1% to $30.23 per ounce, platinum rose 0.4% to $938.70, and palladium added 2% to $960.25.