River Navigation Resumes Between Egypt, Sudan

A boat transports people along the river Nile in Cairo, Egypt July 2, 2019. REUTERS/Mohamed Abd El Ghany
A boat transports people along the river Nile in Cairo, Egypt July 2, 2019. REUTERS/Mohamed Abd El Ghany
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River Navigation Resumes Between Egypt, Sudan

A boat transports people along the river Nile in Cairo, Egypt July 2, 2019. REUTERS/Mohamed Abd El Ghany
A boat transports people along the river Nile in Cairo, Egypt July 2, 2019. REUTERS/Mohamed Abd El Ghany

Sudan’s Wadi Halfa River Port, which borders Egypt, started receiving Egyptian imports on Wednesday through units and river barges transported between the Port and Aswan High Dam.

This comes after a four-month suspension due to the precautionary measures taken by the Sudanese government which closed the crossings and borders to limit the spread of the new coronavirus.

The port received a number of Egyptian imports through the vessels and units that belong to the Egyptian-Sudanese Nile Valley Authority for River Navigation.

The Sudanese government announced in mid-June the resumption of trade exchange with Egypt through Ashkeet border crossing, after nearly a three-month standstill.

Head of the Authority’s office in Wadi Halfa Mahmoud Abd El Motaal said about 2,000 tons of cement have arrived during the past two weeks from the High Dam to Halfa, expecting further 1,500 tons of urea fertilizer to arrive soon through Wadi Halfa port.

The Nile Valley Authority for River Navigation is an Egyptian-Sudanese organization that transports passengers as well as goods. It was established in 1975 as the only international transporter in Nasser Lake.

The volume of trade exchange between Sudan and Egypt is estimated at one billion dollars annually, and Egyptian investments in Sudan are estimated at $10.1 billion.

The two African countries have been planning to construct roads and railways to facilitate trade and transport through joint border crossings, in line with their attempts to double the volume of trade between them to reach $1.5 billion.



Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.