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Saudi Arabia, Russia Stress Commitment to OPEC+ Decision on Oil Output Cuts

Saudi Minister of Energy Prince Abdulaziz bin Salman meets with Russian Deputy Prime Minister Alexander Novak in Riyadh. SPA
Saudi Minister of Energy Prince Abdulaziz bin Salman meets with Russian Deputy Prime Minister Alexander Novak in Riyadh. SPA
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Saudi Arabia, Russia Stress Commitment to OPEC+ Decision on Oil Output Cuts

Saudi Minister of Energy Prince Abdulaziz bin Salman meets with Russian Deputy Prime Minister Alexander Novak in Riyadh. SPA
Saudi Minister of Energy Prince Abdulaziz bin Salman meets with Russian Deputy Prime Minister Alexander Novak in Riyadh. SPA

Saudi Minister of Energy Prince Abdulaziz bin Salman met in Riyadh on Thursday with Russian Deputy Prime Minister Alexander Novak who is visiting the Kingdom, the Saudi Press Agency reported.

They discussed global oil markets and the efforts of OPEC+ to promote market stability, SPA said.

They also stressed their countries’ commitment to the decision made by OPEC+ last October to reduce oil production by 2 million b/d until the end of 2023, and continuing Saudi-Russian cooperation within the OPEC+ framework to enhance global oil market stability.

The Saudi Energy Minister and the Russian Deputy PM discussed the preparations for the next meeting of the Joint Saudi-Russian Intergovernmental Commission on Trade, Economic, Scientific, and Technical Cooperation, SPA said.

They also discussed ways of developing and strengthening Saudi-Russian relations in serving the interests of both countries within the scope of the committee’s work, the news agency added.

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Gold Rebounds on Dip Buying; US-China Trade Talks in Focus

A one kilogram gold cast bars with 99.99% purity is pressed and ready for sale at the ABC Refinery in Sydney, Australia, Wednesday, April 30, 2025. (AP Photo/Mark Baker)
A one kilogram gold cast bars with 99.99% purity is pressed and ready for sale at the ABC Refinery in Sydney, Australia, Wednesday, April 30, 2025. (AP Photo/Mark Baker)
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Gold Rebounds on Dip Buying; US-China Trade Talks in Focus

A one kilogram gold cast bars with 99.99% purity is pressed and ready for sale at the ABC Refinery in Sydney, Australia, Wednesday, April 30, 2025. (AP Photo/Mark Baker)
A one kilogram gold cast bars with 99.99% purity is pressed and ready for sale at the ABC Refinery in Sydney, Australia, Wednesday, April 30, 2025. (AP Photo/Mark Baker)

Gold prices firmed on Friday as investors bought bullion following an earlier dip in the session, while markets turned their focus to US-China trade talks this weekend.

Spot gold was up 0.3% to $3,316.29 an ounce, as of 0448 GMT. US gold futures firmed 0.5% to $3,321.60.

Spot gold retreated earlier in the session, touching a low of $3,274.38, as US President Donald Trump announced a trade deal with the UK on Thursday.

Trump and British Prime Minister Keir Starmer announced a "breakthrough deal". A 10% tariff on goods imported from the UK remains in place, while Britain agreed to lower its tariffs to 1.8% from 5.1% and provide greater access to US goods.

"Buying gold on dips is still in vogue, which is so far limiting the downside moves despite safe haven demand drying up to a degree on the US-UK trade deal," KCM Trade Chief Market Analyst Tim Waterer said.

"How the US-China trade talks develop could be key in determining which side of $3,300 gold trades at next week."

Trump also said he expects there to be substantive negotiations between the US and China on trade this weekend and predicted that punitive US tariffs on Beijing of 145% would likely come down, Reuters said.

Gold, traditionally seen as a hedge against economic and political uncertainties, thrives in a low interest rate environment.

Several US Federal Reserve officials are due to speak later in the day for further insights into the economy and the central bank's policy path. This comes after the Fed held interest rates steady on Wednesday and warned of rising inflation and unemployment risks.

Meanwhile, Indian gold dealers offered discounts this week amid weak demand as a softer rupee lifted local prices to near-record highs, while buying in China picked up after a holiday.

Spot silver was steady at $32.48 an ounce, platinum rose 0.5% to $980.55 and palladium gained 0.2% to $978.21.