Saudi Arabia to Showcase Top Technologies at Defense Fair in Istanbul

The General Authority for Military Industries (GAMI) is scheduled to participate in the International Defense Industry Fair (IDEF 2023) in Türkiye.
The General Authority for Military Industries (GAMI) is scheduled to participate in the International Defense Industry Fair (IDEF 2023) in Türkiye.
TT
20

Saudi Arabia to Showcase Top Technologies at Defense Fair in Istanbul

The General Authority for Military Industries (GAMI) is scheduled to participate in the International Defense Industry Fair (IDEF 2023) in Türkiye.
The General Authority for Military Industries (GAMI) is scheduled to participate in the International Defense Industry Fair (IDEF 2023) in Türkiye.

The General Authority for Military Industries (GAMI) is scheduled to participate in the International Defense Industry Fair (IDEF 2023) in Türkiye, reported the Saudi Press Agency.

The event will be held between July 25 and 28 at the Tuyap Fair Convention and Congress Center in Istanbul.

GAMI’s involvement is part of the Saudi pavilion that includes several government agencies, major national institutions and companies specialized in the field of military, defense and security industries.

They include the Saudi Arabian Military Industries, National Company for Mechanical Systems, Saudi Chemical Company Limited, Intra Defense Technologies, ERAF Industrial Company, and the World Defense Show.

Saudi Arabia’s participation at the event aims to highlight the promising investment environment and opportunities in the sector by exploring cooperation with major regional and global companies.

Saudi companies are keen on concluding several strategic partnerships with investors interested in the defense and security industries sector.



Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
TT
20

Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices rose for a second straight session on Tuesday, but traded below the recent all-time highs, as uncertainty around US President Donald Trump's tariff plans continued to fuel economic growth concerns and safe haven flows into bullion.

Spot gold gained 0.6% at $2,913.79 an ounce as of 0714 GMT. It hit a record high of $2,942.70 last week.

US gold futures added 0.9% to $2,925.50.

"Trump's disruptive modus operandi, aggressive rhetoric and tariffs - whether actual or threatened - could unravel global trade and intricate supply chains," said Nikos Tzabouras, senior financial writer at trading platform Tradu, Reuters reported.

"With uncertainty surrounding the global economy and the broader geopolitical landscape in the Trump 2.0 era, gold is set to remain a natural beneficiary of risk-off flows and central bank buying."

Since taking office last month, Trump has swiftly redrawn the global trade battlefield with a series of tariffs, while plans are already in motion for sweeping reciprocal tariffs, aimed squarely at any nation that taxes US products.

"Gold continues to benefit from the uncertainty surrounding the US. government's tariff policy. Central bank buying should also continue to provide support, even if there is no new data on this," Commerzbank analysts said in a note.

The market's focus has now shifted to the US Federal Reserve's January meeting minutes due on Wednesday for clues into the central bank's interest rate trajectory.

"Price gains are also supported by growing expectations that the Fed will cut rates in 2025 - a sentiment that gained further traction among traders after last week's disappointing US retail sales figures," Ricardo Evangelista, senior analyst at brokerage firm ActivTrades, said.

Bullion benefits from geopolitical and economic uncertainties, as well as rising price pressures, but higher interest rates diminish the asset's allure.

Spot silver fell 0.9% to $32.50 an ounce. Platinum jumped 0.9% to $985.20 and palladium climbed 1.6% to $978.00.