Gold Rises to More Than 3-week High

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
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Gold Rises to More Than 3-week High

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 climbed on Thursday to highest in more than 3 weeks as the US dollar and bond yields hit multi-month lows on mounting bets the Federal Reserve will start cutting interest rates as soon as next March.

Spot gold was up 0.5% at $2,086.69 per ounce, as of 0406 GMT, hitting its highest since Dec. 4, when prices raced to a record high of $2,135.40. It looked set to mark its best year in three with a 14% gain.
US gold futures rose 0.2% to $2,096.50 per ounce.
Lower yields and dollar indicate diminished risk around interest rate volatility "and have given gold that extra drive towards $2100 per ounce level," Kyle Rodda, a financial market analyst at Capital.com, said.
Bets on Fed cutting interest rates firmed following cooler inflation data, with traders now indicating an 88% likelihood of monetary policy easing in March, according to the CME FedWatch tool.
Lower interest rates decrease the opportunity cost of holding non-yielding bullion.
Increasing gold's appeal, the dollar index slipped to a five-month low and was set for its worst yearly performance since 2020, while benchmark US 10-year bond yields languished near their lowest level since July.
Going into 2024, gold's movement "depends on whether the markets have gone too ahead of themselves while pricing in rate cuts, and whether recessionary conditions start to emerge in the US," Reuters quoted Rodda as saying.
Market participants now await US initial jobless claims data due at 1330 GMT for further cues on monetary policy.
Spot silver rose 0.7% to $24.42 per ounce and was poised to end the year with a near 2% annual gain.
Platinum rose 0.2% to hit a more than six-month high of $999.00. Palladium rose 0.2% to $1,156.16, but was on track for its biggest yearly decline since 2008.



SAL, Sela Sign SAR4 Billion Agreement to Establish Logistics Zone North of Riyadh

The signing ceremony was attended by Minister of Investment Khalid Al-Falih, Minister of Transport and Logistic Services Saleh Al-Jasser, General Authority of Civil Aviation President Abdulaziz Al-Duailej, Saudi Falcons Club CEO Talal bin Abdulaziz Al-Shamaisi, and several officials, investors, and business leaders. (SPA)
The signing ceremony was attended by Minister of Investment Khalid Al-Falih, Minister of Transport and Logistic Services Saleh Al-Jasser, General Authority of Civil Aviation President Abdulaziz Al-Duailej, Saudi Falcons Club CEO Talal bin Abdulaziz Al-Shamaisi, and several officials, investors, and business leaders. (SPA)
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SAL, Sela Sign SAR4 Billion Agreement to Establish Logistics Zone North of Riyadh

The signing ceremony was attended by Minister of Investment Khalid Al-Falih, Minister of Transport and Logistic Services Saleh Al-Jasser, General Authority of Civil Aviation President Abdulaziz Al-Duailej, Saudi Falcons Club CEO Talal bin Abdulaziz Al-Shamaisi, and several officials, investors, and business leaders. (SPA)
The signing ceremony was attended by Minister of Investment Khalid Al-Falih, Minister of Transport and Logistic Services Saleh Al-Jasser, General Authority of Civil Aviation President Abdulaziz Al-Duailej, Saudi Falcons Club CEO Talal bin Abdulaziz Al-Shamaisi, and several officials, investors, and business leaders. (SPA)

The SAL Saudi Logistics Services Company and Sela Company signed an agreement in Riyadh to launch the SAR4-billion SAL Logistics Zone, covering more than 1.5 million square meters within the Falcons City project north of Riyadh, reported the Saudi Press Agency on Tuesday.

The initiative aligns with their joint efforts to boost strategic partnerships, support the logistics sector, and boost the Kingdom’s position as a global logistics hub in line with Saudi Vision 2030 and the National Transport and Logistics Strategy.

The signing ceremony was attended by Minister of Investment Khalid Al-Falih, Minister of Transport and Logistic Services Saleh Al-Jasser, General Authority of Civil Aviation President Abdulaziz Al-Duailej, Saudi Falcons Club CEO Talal bin Abdulaziz Al-Shamaisi, and several officials, investors, and business leaders.

Falcon City, for which the agreement was signed by SAL CEO Omar bin Talal Hariri and Sela Managing Director Rakan Al-Harthy, enhances the appeal of the Malham area north of Riyadh.

Home to the Saudi Falcons Club, one of the region’s most prominent cultural and heritage landmarks, the area has contributed to tourism and cultural activities through its programs, events, and international initiatives. This integration of economic projects with heritage activities attracts visitors and investors while reinforcing the area’s status as a comprehensive destination that blends a modern economy with the preservation of Saudi Arabia’s cultural heritage.

Hariri stressed that the new logistics zone will significantly bolster the company’s capabilities due to its strategic location near King Khalid International Airport, major highways, and rail networks connecting various regions of the Kingdom. This will solidify its position as a comprehensive hub for shipping and distribution operations, further supporting Saudi Arabia’s role as a key global trade center.

He noted that the SAR4-billion investment in developing a model logistics zone aligns with SAL’s strategic plan to strengthen its leadership as a national logistics provider that adheres to the highest global standards. The zone will feature high-quality, Category A warehouses and storage spaces designed to meet diverse requirements.

Falcons City represents an advanced model of integrated cities, spanning 14.4 million square meters in the Malham area north of Riyadh. Its strategic location ensures easy accessibility and includes key facilities such as the Riyadh Exhibition and Convention Center, a state-of-the-art logistics zone attracting major global companies, an aviation runway, and an aircraft maintenance area, all of which enhance air transport and cargo efficiency.

The project also features economic, commercial, residential, hospitality, and entertainment zones, along with an outlet mall to attract investors, residents, and visitors.