Minister of Environment Leads Saudi Delegation at 10th World Water Forum

Minister of Environment Leads Saudi Delegation at 10th World Water Forum
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Minister of Environment Leads Saudi Delegation at 10th World Water Forum

Minister of Environment Leads Saudi Delegation at 10th World Water Forum

Minister of Environment, Water, and Agriculture Eng. Abdulrahman Abdulmohsen Alfadley is leading the Kingdom's delegation to the 10th World Water Forum in Bali, Indonesia.

The Saudi delegation, which represents the water sector, will present its efforts to develop the water sector, as well as its regional and international contribution in the field through a pavilion.

Saudi Arabia will engage in events and a special session focused on hosting the 11th World Water Forum 2027 in Riyadh under the theme "Action for a Better Tomorrow."

Hosting the event aligns with Saudi Arabia's Vision 2030 and boost its regional and global efforts and role in the water sector. These efforts included the announcement by Prince Mohammed bin Salman, Crown Prince and Prime Minister of Saudi Arabia, of the establishment of a global water organization in Riyadh.

The event in Bali is held under the theme "Water for Shared Prosperity." It will tackle six sub-themes: Water Security and Prosperity; Water for Humans and Nature; Disaster Risk Reduction and Management; Governance, Cooperation, and Hydro-diplomacy; Sustainable Water Finance; and Knowledge and Innovation.

Indonesia expects 180 countries and representatives from 250 organizations to attend the forum that concludes on May 25.

The World Water Forum is the largest international event on water. It brings together all levels of participants from different areas, including politics, institutions, academia, civil society, and the private sector.



Gold Lingers Near Two-week High as Focus Shifts to Payrolls Data

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 Lingers Near Two-week High as Focus Shifts to Payrolls Data

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 were flat near a two-week high on Thursday after softer-than-expected US economic data spurred hopes of interest rate cuts as early as September, and the market spotlight is now on Friday's non-farm payrolls data.

Spot gold edged 0.1% higher to $2,358.19 per ounce as of 9:53 a.m. ET (1353 GMT), after prices hit their highest level since June 21 on Wednesday. Most US markets were closed for Independence Day holiday on Thursday.

Bullion prices in the previous session gained more than 1% after a weak services report and ADP employment report on Wednesday depicted a slowing US economy, Reuters reported.

"It appears that there's a strong chance that the rate cuts might occur some time in the end of third quarter or early part of the fourth quarter, which just makes gold a lot more attractive than the alternative (which is) bonds," said Alex Ebkarian, chief operating officer at Allegiance Gold.

Lower rates reduce the opportunity cost of holding non-yielding gold.

Minutes of the Fed's June meeting acknowledged the US economy appeared to be slowing and "price pressures were diminishing".

"Long-term wise, we're seeing the sanctions that the US placed (on Russia) inducing a lot of central banks and other governments to move towards gold specifically to eliminate the counterparty and default risk," Ebkarian added.

The sanctions, announced last month, are aimed at cutting off Russia's access to products and services needed to sustain military production for its war in Ukraine.

Traders are now focused on US nonfarm payrolls data, due on Friday. The market is looking for weaker job creation last month, said Ole Hansen, head of commodity strategy at Saxo Bank.

"Together with an expected easing in wage pressure, the precious metal market is likely to react positively should these numbers be confirmed," Hansen added.

Spot silver fell 0.2% to $30.409 while platinum rose 1.6% to $1,012.50.

Palladium was 0.5% down at $1,024.66, after scaling its highest level since mid-April in the previous session.