Five States, Including Saudi Arabia, Launch UN Group of Friends for Digital Cooperation

The initiative aims to lead global support and sustainable growth for the digital economy. SPA
The initiative aims to lead global support and sustainable growth for the digital economy. SPA
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Five States, Including Saudi Arabia, Launch UN Group of Friends for Digital Cooperation

The initiative aims to lead global support and sustainable growth for the digital economy. SPA
The initiative aims to lead global support and sustainable growth for the digital economy. SPA

Five member states of the Digital Cooperation Organization (DCO) including Saudi Arabia, Bahrain, Cyprus, Pakistan, and Rwanda have launched the “United Nations Group of Friends for Digital Cooperation” initiative at the United Nations headquarters in New York.

The event on Saturday was held on the sidelines of the 78th UN General Assembly meetings.

The initiative aims to lead global support and sustainable growth for the digital economy, enabling prosperity and social inclusivity for all on a global scale.

The group emphasized that digital technologies have transformed societies over the past two decades, connecting billions of individuals, governments, and businesses. It underscored the pressing need for digital empowerment makers to achieve the UN Sustainable Development Goals (SDGs). However, the group says, the digital divide still exists and hinders economic growth and sustainable development.

The “Group of Friends for Digital Cooperation” will support collective efforts aimed at enhancing the digital economy and will work on launching initiatives, projects, and events that can stimulate the development of the global digital economy.

The DCO, headquartered in Riyadh, supports the initiative of the group and the launch of its member states.

Secretary-General of the DCO Deemah Al-Yahya emphasized that the Group was established as an initiative from the DCO to facilitate international, multi-stakeholder action and cooperation in the realignment of the 2030 UN SDGs.



Gold Eases from Record Peak on Profit-taking; Trump's Tariffs in Focus

Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT
Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT
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Gold Eases from Record Peak on Profit-taking; Trump's Tariffs in Focus

Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT
Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT

Gold dipped on Thursday as traders locked in profits after prices hit a record high, following a rush to safe-haven assets triggered by US President Donald Trump's aggressive import tariffs, which escalated the already intense global trade war.

Spot gold was down 0.4% at $3,122.1, as of 0710 GMT. Earlier in the session, bullion hit an all-time high of $3,167.57.

US gold futures fell 0.7% to $3,145.00.

Trump unveiled on Wednesday a 10% baseline tariff on all imports to the US, and higher duties on dozens of countries, including some of its biggest trading partners, deepening a trade war that has rattled global markets, Reuters said.

The reciprocal tariffs do not apply to certain goods, including gold, energy and "certain minerals that are not available in the US," according to a White House fact sheet.

One of the factors supporting gold was "the slowdown that tariffs are likely to cause the US economy, raising the prospects of future rate cuts," Capital.com's financial market analyst Kyle Rodda said.

The Trump administration confirmed that the 25% global car and truck tariffs will take effect on April 3, as planned, and duties on automotive parts imports will be launched on May 3.

Gold is in "a pure momentum trade, where bulls who were left for dust are agonizing on the side line, eager for even the smallest of dips, and until we see a volatile shakeout big enough to stun bulls and bears, the momentum trade could continue higher," said Matt Simpson, a senior analyst at City Index.

Gold, a hedge against political and financial instabilities, has surged more than 19% year-to-date, mainly driven by tariff jitters, rate- cut possibilities, geopolitical conflicts, and central bank buying.

"There's also some front running going on amongst traders who anticipate (Trump's) policies will drive central banks to park their reserves in gold rather than US dollar-denominated assets," Rodda said.

Market awaits US non-farm payrolls report due on Friday for clues into the Federal Reserve's policy path.

Spot silver slipped 2.8% to $33.07 an ounce, platinum fell 1.5% to $968.37, and palladium lost 1.4% to $956.50.