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Sudan Raises Petrol, Diesel Prices

Motorcyclists queue-up for fuel at a gasl station in al-Amarat district of Sudan's capital Khartoum on June 10, 2021.
Motorcyclists queue-up for fuel at a gasl station in al-Amarat district of Sudan's capital Khartoum on June 10, 2021.
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Sudan Raises Petrol, Diesel Prices

Motorcyclists queue-up for fuel at a gasl station in al-Amarat district of Sudan's capital Khartoum on June 10, 2021.
Motorcyclists queue-up for fuel at a gasl station in al-Amarat district of Sudan's capital Khartoum on June 10, 2021.

Petrol prices in Sudan rose on Saturday by 90 Sudanese pounds to 760 pounds ($1.34) per litre, the country’s oil ministry said in a statement.

Diesel prices increased by 108 pounds to 748 pounds per liter.

There were repeated fuel price hikes last year as Sudan completed a process of phasing out subsidies on fuel, which is now meant to follow global prices, according to Reuters.

Sudan's annual inflation dropped to 192.21% in May from 220.71% in April.

The country has been implementing aggressive IMF-monitored reforms in the hopes of turning around its economy and attracting debt relief and renewed financing.

The economic situation deteriorated since the 25 October 2021 coup. It also suffers a severe shortage in foreign currency.

Sudan continues to subsidize cooking gas and furnace oil, as well as wheat and medicines, although there are frequent shortages of those commodities. People wanting to fill their cars with gasoline or diesel must typically face long lines.

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Gold Retreats as Dollar Firms; Fed Decision Looms

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Retreats as Dollar Firms; Fed Decision Looms

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices dipped on Monday, pressured by a firmer US dollar, while investors focused on the Federal Reserve's first meeting of 2025 for more guidance on the interest rate path.

Spot gold dropped 0.7% to $2,751.71 per ounce by 0748 GMT, after trading just below record-high levels on Friday. US gold futures fell 0.8% to $2,756.30.

The dollar gained 0.2%, making gold expensive for other currency holders, Reuters said.

"The US dollar could be the main culprit for gold's weakness... However, the current movement suggests that the downside for the yellow metal is still limited, potentially aided by safe-haven flows," IG market strategist Yeap Jun Rong said.

The US and Colombia pulled back from the brink of a trade war after the White House said the South American nation had agreed to accept military aircraft carrying deported migrants.

Gold is considered a hedge against geopolitical turmoil and inflation. It also tends to thrive in a low interest rate environment as it yields no interest.

Fed policymakers are largely expected to keep rates steady at the end of their Jan. 28-29 meeting, marking the first pause in the rate-cutting cycle that began in September.

"Market focus will likely be on how the Fed reacts to comments from President Trump, who has called for continued interest rate cuts," Reliance Securities' senior analyst Jigar Trivedi said.

Data since the Fed's December meeting has kept intact the core view among Fed officials that inflation will continue to move steadily, if slowly, towards 2%, with a low unemployment rate and continued hiring and economic growth.

COMEX gold speculators raised net long position by 21,864 contracts to 234,358 in the week to Jan. 21, data showed on Friday.

Spot silver dropped 1.3% to $30.20 per ounce, palladium dipped 1.8% to $969.83 and platinum fell 0.9% to $940.40.