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Egypt Says Plans 3 Tenders for Oil and Gas Exploration, Production in 2023

Egypt's Minister of Petroleum and Mineral Resources Tarek El Molla speaks during the Saudi Green Initiative Forum in Riyadh, Saudi Arabia, October 23, 2021. REUTERS/Ahmed Yosri
Egypt's Minister of Petroleum and Mineral Resources Tarek El Molla speaks during the Saudi Green Initiative Forum in Riyadh, Saudi Arabia, October 23, 2021. REUTERS/Ahmed Yosri
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Egypt Says Plans 3 Tenders for Oil and Gas Exploration, Production in 2023

Egypt's Minister of Petroleum and Mineral Resources Tarek El Molla speaks during the Saudi Green Initiative Forum in Riyadh, Saudi Arabia, October 23, 2021. REUTERS/Ahmed Yosri
Egypt's Minister of Petroleum and Mineral Resources Tarek El Molla speaks during the Saudi Green Initiative Forum in Riyadh, Saudi Arabia, October 23, 2021. REUTERS/Ahmed Yosri

Egypt plans to offer three international tenders for oil and gas exploration and production in 2023, Petroleum Minister Tarek El Molla said on Sunday.

"Egypt plans to hold three international tenders in 2023 for oil and gas exploration and production," he said at the opening ceremony for the Egypt Petroleum Show.

The Show is held under the patronage and attendance of Egyptian President Abdel Fattah El-Sisi at the Egypt International Exhibition Center.

It is set to last through February 15 and bring together more than 30,000 oil and gas industry representatives from at least 60 countries.

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Gold Firms; Focus on US Data for Cues on Fed's Policy Path

FILE PHOTO: A woman looks at a gold bangle inside a jewellery showroom at a market in Mumbai January 15, 2015. REUTERS/Shailesh Andrade//File Photo
FILE PHOTO: A woman looks at a gold bangle inside a jewellery showroom at a market in Mumbai January 15, 2015. REUTERS/Shailesh Andrade//File Photo
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Gold Firms; Focus on US Data for Cues on Fed's Policy Path

FILE PHOTO: A woman looks at a gold bangle inside a jewellery showroom at a market in Mumbai January 15, 2015. REUTERS/Shailesh Andrade//File Photo
FILE PHOTO: A woman looks at a gold bangle inside a jewellery showroom at a market in Mumbai January 15, 2015. REUTERS/Shailesh Andrade//File Photo

Gold prices hovered near a four-week peak on Thursday, while focus shifted to jobs report due on Friday for clarity on the Federal Reserve's 2025 interest rate path.
Spot gold edged 0.1% higher to $2,664.30 per ounce, as of 0732 GMT. US gold futures rose 0.4% to $2,681.80
"Prices are trading in a narrow range ... A new trigger is needed for gold to breach its resistance," said Ajay Kedia, director at Kedia Commodities in Mumbai.
The bullion hit a near four-week high in the previous session after a weaker-than-expected US private employment report hinted that the Fed may be less cautious about easing rates this year.
The market now awaits US jobs report on Friday for more cues on the Fed's policy path.
Investors are also awaiting Donald Trump to take office on Jan. 20 and his proposed tariffs and protectionist policies are expected to fuel inflation.
Policymakers at the Fed's last meeting also "noted that recent higher-than-expected readings on inflation, and the effects of potential changes in trade and immigration policy, suggested that the process could take longer than previously anticipated," the minutes showed on Wednesday.
Bullion is considered an inflationary hedge, but high rates reduce the non-yielding asset's allure.
"We believe the bulk of the rally has been put in and that while gold's upward momentum may carry it higher in the near term and in early 2025, a combination of physical and financial market factors may tame the rally and drive gold moderately lower by the end of next year," HSBC said in a note.
Elsewhere, physically-backed gold exchange-traded funds (ETFs) registered their first inflow in four years, the World Gold Council said.
Spot silver added 0.2% to $30.17 per ounce, platinum dropped 0.3% to $952.54 and palladium shed 0.8% to $921.37.