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Gold Rises on Safe-haven Bid from Iran War

An employee displays gold bars at a store of the Korea Gold Exchange in Seoul (AFP)
An employee displays gold bars at a store of the Korea Gold Exchange in Seoul (AFP)
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Gold Rises on Safe-haven Bid from Iran War

An employee displays gold bars at a store of the Korea Gold Exchange in Seoul (AFP)
An employee displays gold bars at a store of the Korea Gold Exchange in Seoul (AFP)

Gold prices rose on Thursday, lifted by safe-haven demand amid an escalating war in the Middle East, though a stronger dollar and concerns around the US Federal Reserve's monetary policy capped gains.

Spot gold was up 0.4% at $5,156.11 per ounce as of 1030 GMT, while US gold futures for April delivery were up 0.7% at $5,168.20.

Gold, which hit a record $5,594.82 in January, initially jumped above $5,400 on Monday as the launch of the US-Israeli air war against Iran sparked safe-haven demand, but pulled back from those highs as the dollar also benefited from a flight to safety, Reuters reported.

Israel launched another large wave of strikes on Tehran on Thursday, targeting what it said was infrastructure belonging to the Iranian authorities, after Iranian missiles sent millions of Israelis rushing into bomb shelters.

"On the one hand, there may be greater safe-haven demand for gold given the ongoing conflict in the Middle East," said Hamad Hussain, a climate and commodities economist at Capital Economics.

"On the other hand, the risk of a prolonged period of higher energy prices that takes rate cuts off the table, and adds to the chance of rate hikes, could be capping further gains."

The US dollar rose about 0.2% after briefly retreating from three-month highs, as the fallout from the war roiled global markets and kept sentiment fragile.

Concerns about energy supply continued to drive up oil prices and stoke inflation fears.

Gold is considered a hedge against inflation in the long run, but also tends to thrive when interest rates are lower, as it is a non-yielding asset.

President Donald Trump on Wednesday officially nominated former Federal Reserve Governor Kevin Warsh to be the US central bank's next chair.

US economic activity grew slightly, prices continued to increase and employment levels were stable in recent weeks, the Federal Reserve said on Wednesday in its latest Beige Book report.

Markets expect the Fed to keep rates steady at its next policy meeting on March 18, according to CME Group's FedWatch tool.

Investors are looking out for the weekly US jobless claims data, due later today, and the US employment report for February on Friday for further clues on monetary policy this year.

Spot silver rose 0.8% to $84.1 per ounce. Platinum gained nearly 1% to $2,168.05, while palladium lost 0.9% to $1,659.35.

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Business

Riyadh Brings Tech Giants Together at LEAP 2026, with Major Deals and Investments Expected

Minister of Communications and Information Technology Abdullah Alswaha addresses attendees at a government press conference. (Ministry of Media) 
Minister of Communications and Information Technology Abdullah Alswaha addresses attendees at a government press conference. (Ministry of Media) 
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Riyadh Brings Tech Giants Together at LEAP 2026, with Major Deals and Investments Expected

Minister of Communications and Information Technology Abdullah Alswaha addresses attendees at a government press conference. (Ministry of Media) 
Minister of Communications and Information Technology Abdullah Alswaha addresses attendees at a government press conference. (Ministry of Media) 

Riyadh is gearing up for major deals and partnerships with global technology giants during the fifth edition of LEAP 2026, which opens Monday with more than 200,000 attendees, 1,900 investors and 1,000 speakers from around the world, as Saudi Arabia continues to expand its role as a global hub for technology and artificial intelligence.

Saudi Minister of Communications and Information Technology Abdullah Alswaha said on the eve of the event that major deals were expected with global companies including Amazon and Nvidia, alongside the launch of Microsoft’s Azure cloud services. He described LEAP as “the largest technology movement of the 21st century.”

Alswaha said Saudi Arabia’s digital economy had grown by more than 75 percent, from about SAR 300 billion ($80 billion) to SAR 522 billion ($139.2 billion), reflecting the sector’s expanding contribution to the national economy.

Speaking at a government press conference, the minister said LEAP 2026 would bring together more than 250,000 creators and innovators, as well as global technology leaders and investors, while showcasing the Kingdom’s achievements and success stories.

Global Technology Indicators

Alswaha highlighted Saudi Arabia’s progress in the technology sector, noting that it now has nine unicorn companies and ranks first globally in digital readiness while placing among advanced countries on global technology indicators.

Employment across the technology ecosystem has risen from 150,000 to 410,000 jobs, he said, adding that Saudi Arabia had become an exporter rather than an importer of technology. The Kingdom now has more than 80 specialized schools, while universities have adopted artificial intelligence programs aimed at training about 30,000 talented students.

Fiber-optic penetration stands at 32 percent, Alswaha underlined. By 2028, 5G coverage in Al-Baha, in southern Saudi Arabia, is expected to reach 64 percent, while 50,000 homes will be connected to fiber-optic networks.

The minister also highlighted the National Technology Development Program, which has supported more than 1,500 entrepreneurs and helped drive activity among 5,000 companies, including nine unicorns. About 60 percent of technology investments are being directed toward data centers.

Over four years, LEAP has evolved beyond a technology conference into a global gathering of technology and AI leaders, investors, innovators and entrepreneurs, as well as a platform for launching investments, partnerships and major projects. Announced launches and investments across its first four Riyadh editions exceeded $44.2 billion.

LEAP’s rapid growth reflects government support for the communications, technology and AI sectors, which has helped create a competitive digital environment, attract investment and advanced technologies, and strengthen Saudi Arabia’s position as a global center for innovation and the digital economy.

Expanding Beyond Riyadh

LEAP expanded into Asia in July 2026 with LEAP East in Hong Kong, its first international edition since launching in Riyadh. The expansion marked its transformation from an annual Riyadh event into a Saudi-born global platform connecting technology and investment ecosystems across the Middle East and Asia.

LEAP began in 2022, when its inaugural edition drew more than 100,000 visitors, over 500 speakers, 700 exhibitors, 403 startups and more than 330 investors.

Now in its fifth edition, the four-day event again brings together leading technology and AI executives, investors, innovators and entrepreneurs from around the world for discussions, announcements, partnerships and experiences exploring the future of the digital economy in the intelligent age.

This year’s edition is being held under the theme “Into New Worlds,” building on LEAP’s evolution from a global technology event in Riyadh into an international movement extending into Asia.

Business

US Hosts G20 Finance Talks with Growth, Iran Pressure on Agenda

A member of law enforcement works a checkpoint at the Omni Grove Park Inn before finance ministers and central bank governors from G20 countries meet in Asheville, North Carolina, US, August 29, 2026. (Reuters)
A member of law enforcement works a checkpoint at the Omni Grove Park Inn before finance ministers and central bank governors from G20 countries meet in Asheville, North Carolina, US, August 29, 2026. (Reuters)
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US Hosts G20 Finance Talks with Growth, Iran Pressure on Agenda

A member of law enforcement works a checkpoint at the Omni Grove Park Inn before finance ministers and central bank governors from G20 countries meet in Asheville, North Carolina, US, August 29, 2026. (Reuters)
A member of law enforcement works a checkpoint at the Omni Grove Park Inn before finance ministers and central bank governors from G20 countries meet in Asheville, North Carolina, US, August 29, 2026. (Reuters)

Finance leaders from the Group of 20 major economies open talks Monday at a US-hosted gathering, as the Trump administration seeks consensus on lifting global growth while ramping up economic pressure on Iran.

The gathering of G20 finance ministers and central bank governors takes place Monday and Tuesday in the Blue Ridge Mountains city of Asheville, North Carolina.

But looming over the meetings are fallout from the US-Israeli war on Iran, a tightening of US trade barriers and questions on whether the group can still work together to address key economic challenges.

US Treasury Secretary Scott Bessent skipped last year's meeting led by South Africa, which has been excluded from the group by the US. Washington holds the rotating presidency this year.

Instead, US officials invited Poland to the table, although it is not a permanent G20 member.

Brazil's finance minister is shunning the gathering amid tensions with the Trump administration.

A Russian representative is participating too. A European official speaking on condition of anonymity expressed disapproval that Moscow -- at war with Ukraine since its 2022 invasion -- was not excluded.

Besides promoting economic growth, US priorities this year include dealing with "global imbalances" and sovereign debt challenges, a senior US Treasury official told reporters ahead of talks.

G20 discussions will seek to ensure economies avoid policies that push excess production and capacity into global markets, the official added.

The official noted that some G20 partners have seen dumping on their shores while Trump raised US trade barriers -- echoing criticism of China's excess industrial capacity, which critics say drives down prices and causes unfair competition.

- 'Difficult conversations' -

"Those are difficult conversations to have," Josh Lipsky of the Atlantic Council told AFP, referring to the issue of imbalances.

He added that an ongoing US-Canada trade war weighs on unity among the Group of Seven advanced economies as countries broach tough topics in the wider grouping.

G7 finance ministers are also expected to meet on the margins of the Asheville talks.

But certain reporters from major US newsrooms, including the New York Times and Bloomberg News, were not granted credentials to cover the gathering.

Bloomberg News said it did not receive accreditation while the Times said its economic policy reporter was excluded. Another Times reporter, covering Europe, was allowed access.

A Times spokesperson said this was "not just another disturbing effort by the administration to undermine independent journalism, but a blatant attempt to evade public scrutiny."

A Treasury spokesperson said it plans to welcome nearly 300 media representatives from around a dozen countries, including a New York Times reporter and others including from NPR and the Washington Post.

"Members of the media will have a high level of access to policymakers throughout the event, and with that access comes a responsibility to report factual information consistent with established journalistic standards," the Treasury official added.

Coverage should not prioritize "clicks, engagement, or sensationalism," the spokesperson said.

All eyes will be on bilateral meetings on the sidelines of the summit too, where Bessent is set to make direct appeals to counterparts as Washington pushes to isolate Iran economically.

A Treasury official said Bessent will deliver a strong statement to the G20 to urge compliance with US sanctions if they want to continue operating in the dollar-based financial system.

Business leaders will also be present at G20 discussions this year on barriers to investment, innovation and productivity.

On worries over higher Treasury bond yields, closely monitored as a proxy for interest rates, the official said interest costs are expected to cool as inflation eases over time.

The G20 comprises 19 nations plus the European Union and the African Union. It was established in the wake of the 1997-1998 Asian financial crisis to boost global economic and financial stability.

Business

Mawani Updates MSC’s 'JADE' Service Route via Bab Al-Mandab, Suez Canal

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Mawani Updates MSC’s 'JADE' Service Route via Bab Al-Mandab, Suez Canal

The Saudi Ports Authority (Mawani) announced an update to the route of MSC’s JADE shipping service, which will now transit the Bab Al-Mandab Strait and the Suez Canal, passing through King Abdullah Port in Rabigh, the Saudi Press Agency reported on Sunday.

The update will help reduce cargo transit times and enhance trade efficiency and the reliability of supply chains to and from the Kingdom of Saudi Arabia.

The JADE shipping service connects King Abdullah Port with several regional and international ports. These include Fos-sur-Mer in France; Barcelona and Valencia in Spain; Gioia Tauro in Italy; Singapore; Nansha, Yantian, Xiamen, Ningbo, Shanghai, and Qingdao in China; and Busan in South Korea. The service has a capacity of up to 15,000 TEUs.

Updating the service route via the Bab Al-Mandab Strait and the Suez Canal shortens the shipping route, speeds up the delivery of goods and commodities to markets, and improves the efficiency of export and import flows. This supports the smooth operation of supply chains and strengthens the Kingdom’s position as a major hub in the global trade and maritime network.

The route update reflects the readiness and operational capabilities of Saudi ports, as well as their strategic location along major maritime trade routes. It strengthens Saudi Arabia’s connectivity with global markets and supports the objectives of the National Transport and Logistics Strategy to establish the Kingdom as a global logistics hub connecting three continents.