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Saudi Arabia, UK Discuss Strengthening Trade and Industrial Cooperation

Alkhorayef and Huddleston discussed ways to boost the partnership between Saudi Arabia and the UK in several economic sectors, particularly industry and mining. SPA
Alkhorayef and Huddleston discussed ways to boost the partnership between Saudi Arabia and the UK in several economic sectors, particularly industry and mining. SPA
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Saudi Arabia, UK Discuss Strengthening Trade and Industrial Cooperation

Alkhorayef and Huddleston discussed ways to boost the partnership between Saudi Arabia and the UK in several economic sectors, particularly industry and mining. SPA
Alkhorayef and Huddleston discussed ways to boost the partnership between Saudi Arabia and the UK in several economic sectors, particularly industry and mining. SPA

Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef has held talks with UK’s Minister of State for International Trade Nigel Huddleston on the sidelines of the meeting of the GCC Ministers of Trade and Industry in Salalah, Oman.

During the meeting, Alkhorayef and Huddleston discussed topics of mutual concern and ways to boost the partnership between the two countries in several economic sectors, particularly industry and mining.

The meeting also focused on enhancing cooperation between the two countries in the industrial and mining sectors, reviewing promising industrial and mining investment opportunities, and exploring the possibility of increasing trade and developing non-oil exports.

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Gold Rises on Dip-buying, Focus on US-China Trade Updates

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
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20
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Gold Rises on Dip-buying, Focus on US-China Trade Updates

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo

Gold prices rebounded on Thursday as investors bought bullion following a sharp decline in the previous session, while focus still remained on US-China trade tensions.
Spot gold was up 1.6% to $3,340.79 an ounce, as of 0907 GMT, Reuters reported. Bullion lost over 3% on Wednesday, in its worst daily performance since late November.
US gold futures gained 1.8% to $3,352.10.
"Gold's pullback earlier has cleared some of the froth from its latest surge. That in turn attracted some buy-the-dip action, amid still-persistent global trade war fears," said Han Tan, Exinity Group's chief market analyst.
"Given the still-evident tailwinds for this precious metal, gold bugs could ultimately conquer the $3,500 level with conviction."
Non-yielding bullion, traditionally seen as a hedge against global instability, has risen over 27% so far this year.
The International Monetary Fund made sharp reductions to its outlook for both US and global growth this year, with President Donald Trump's tariff policy the central reason behind the downgrade.
"If the economic outlook deteriorates further, then there's no reason why gold could not receive another strong bid," said Ole Hansen, head of commodity strategy at Saxo Bank.
However, US Treasury Secretary Scott Bessent said the US economic growth will surpass the IMF's revised estimate of 1.8%, down from 2.7% in January, if Trump administration's policies are implemented.
He also said that the excessively high tariffs between the US and China are unsustainable, and must be reduced before trade negotiations can proceed.
Supporting gold, the US dollar eased, making the greenback-priced bullion cheaper for overseas buyers.
Spot silver fell 0.5% to $33.37 an ounce, platinum was steady at $973.25 and palladium was down 0.6% to $939.53.