Gold Set For Third Quarterly Gain; US Inflation Data in Focus

Marked ingots of 99.99 percent pure gold are placed in a cart at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia March 10, 2022. REUTERS/Alexander Manzyuk/File Photo
Marked ingots of 99.99 percent pure gold are placed in a cart at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia March 10, 2022. REUTERS/Alexander Manzyuk/File Photo
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Gold Set For Third Quarterly Gain; US Inflation Data in Focus

Marked ingots of 99.99 percent pure gold are placed in a cart at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia March 10, 2022. REUTERS/Alexander Manzyuk/File Photo
Marked ingots of 99.99 percent pure gold are placed in a cart at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia March 10, 2022. REUTERS/Alexander Manzyuk/File Photo

Gold prices eased on Friday, but were set for a third straight quarterly rise, while investors looked forward to US inflation data due later in the day for more clarity on the Federal Reserve's interest rate-cut timeline.
Spot gold was down 0.1% at $2,326.27 per ounce, as of 0741 GMT. Prices have gained over 4% for the quarter, Reuters said.
US gold futures was unchanged at $2,336.90.
"Gold is up on the quarter, largely as the scope for monetary easing in the US has increased ... China also bought large amounts of gold for their reserves, which helped offer support in the second quarter," said Ilya Spivak, head of global macro at Tastylive.
After adding to its gold reserves for 18 consecutive months, official data from the People's Bank of China (PBOC) showed its holdings were flat in May. A survey by the World Gold Council, however, found that more central banks may increase gold reserves within 12 months.
Gold rose more than 1% in the previous session after data showed a continued, though moderate, slowdown in US economic activity. Currently, the market sees a 64% chance of a first Fed rate cut in September, according to the CME FedWatch tool.
However, Fed Governor Michelle Bowman reiterated on Thursday that she is not ready yet to support a rate cut with inflation pressures still elevated.
The US personal consumption expenditures (PCE) price index - the Fed's preferred inflation measure - is due at 1230 GMT.
A soft set of PCE figures is required to keep hopes of Fed easing alive and further support gold, City Index senior analyst Matt Simpson said.
While bullion is considered an inflation hedge, higher rates increase the opportunity cost of holding the non-yielding asset.
Spot silver rose 0.3% to $29.15 and platinum gained 1.2% to $999.20. Both metals were set for quarterly gains.
Spot palladium climbed 2.6% to $953.07.



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.