After weaker-than-expected U.S. economic data and rising military tensions in the Middle East, gold prices rose to record highs at the end of last week’s trade, hitting a barrier of $2,070 an ounce. Adel Al-Fathli, head of strategic planning at Kuwait Dar Al-Sabah Company, said in a statement to Kuwait News Agency (KUNA) on Sunday that the yellow metal managed to post a profit for the third week in a row. Along with weak US economic data. Al-Fathly said factory activity in the US has seen a continuous contraction for more than two months, along with a slowdown in personal consumption spending and a sub-level decline in the inflation rate in the US market. Gold futures (for delivery next February) rose 1.6 percent to $2,089 an ounce, while the dollar index, which measures the U.S. currency against major currencies, fell 0.35 percent to 103.1 points. Analysts’ pessimistic expectations for growth in US spending and output next year sent investors back to the safe haven (gold), especially as the Federal Reserve (Federal Bank) has aggressive plans to cut interest rates. 25 basis points during the Bank’s regular meeting scheduled for March 2024. He expected gold prices to see a “significant rise” if expectations that the US Federal Reserve cut interest rates by 135 basis points by the end of next year hold true. This will certainly lead to an increase in precious metals in the long run. Al-Fathly said that important reports will be released this week, the first of which is the US labor jobs report, followed by the purchasing managers’ index for services, monetary policy announcements in Australia and Canada, and data on inflation rates in China and South Korea, “all of which are indicators that will determine gold’s trends this week.” .” He said he believed developments in the Middle East region this week would be “stronger” as analysts monitor field developments due to the heavy impact on precious metals prices by military operations and shutdown threats. Some commercial waterways.” As for the local market, the price of a 24-carat gram rose to 20.375 dinars (about $62.2), 22 carat to 18.68 dinars (about $57), silver finished at 297 dinars (about $905), he said. ) per kilogram. ounce. It is worth noting that is one of the units of mass measurement, it is used in various measurement units, it is also called ounce and is equal to 28.349 grams, while the unit of measurement for precious metals is equal to 31.103 grams.
Economy
Masdar Al Emirati: We are looking to expand into Saudi Arabia as a strategic market for renewable energy targets.
Abdulaziz Al-Mubarak, managing director and regional director of Abu Dhabi Future Energy Company, said the company wants to expand significantly in Saudi Arabia and compete for long-term renewable energy projects. The Saudi market is strategic.
Among these projects is Amala, a luxury resort project on the kingdom’s northwest coast in partnership with Saudi Red Sea International, which has signed a 25-year deal with Masdar and Electricité de France to generate up to 410,000 megawatts a year. Renewable energy in Amala is enough to supply… energy for ten thousand households for a whole year.
Al-Mubarak said in an interview during the Future Energy and Solar Energy Expo in Riyadh, “There is more than one technology that can help generate clean energy around the clock. There is a power plant of 250 MW and batteries. 700 MW every hour, and a biodiesel generator if needed, with a very low percentage of utilization…With these three technologies, the energy for the Amala project can be generated renewable 24 hours a day. energy.”
The scope of the AMAALA agreement covers four technologies: power generation through a solar farm, a battery energy storage system that can use solar energy 24 hours a day, renewable energy desalination through reverse osmosis, and a wastewater treatment plant.
Another project, the Red Sea Project, has implemented a similar model.
Masdar expands to Saudi Arabia
Al-Mubarak confirmed that Saudi Arabia’s Masdar wants to quadruple the number of employees by mid-2024, adding that renewable energy projects in the kingdom will come faster and bigger.
“As an Emirati company based in Saudi Arabia, this requires us to build our internal capabilities and resources at the source of Saudi Arabia to meet the huge demand from the Kingdom.”
Al-Mubarak also said that Masdar is among the companies nominated as one of the developers of the Tabarjal project and the Hanaqiya project, one of the 1,500 MW solar power generation projects in Saudi Arabia.
Notably, the project at Hanakia has a capacity of 1,100 MW, while the project at Tabarjal has a capacity of 400 MW.
Responding to the rapid pace of renewable energy tenders by customers such as NEOM, Masdar intends to play a key role in Saudi Arabia’s growing commercial and industrial renewable energy sector.
Al-Mubarak adds: “As a leading application development company in Saudi Arabia, Mastar can offer competitive advantages in the technology and business sector. We are highly focused on local technology and knowledge transfer and have a strong training program.”
Al-Mubarak emphasized that Masdar will play a key role in Saudi Arabia’s goal of increasing its clean energy generation capacity to 100 gigawatts by 2030.
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Books – Islam Saeed
Sunday, December 3, 2023 at 03:00 AM
Central banks around the world continue to demand… Gold In 2023, gold trends for the third quarter of the current year 2023 as per the reports of the World Gold Council show that the demand for gold by banks has increased.
Central banks added 337 tonnes in the third quarter of 2023
The third largest buying level in the quarter reached by central banks
In the third quarter of 2022, banks bought a large amount of 459 tonnes of gold..
Since the beginning of 2023, demand by central banks has increased by more than 14%.
Total bank purchases of gold since the beginning of 2023 have reached a record high of 800 tonnes of gold.
Gold reserves reported by global central banks rose by a net 77 tonnes in September.
Central bank’s gold sale is only 1 ton.
– Fund outflows from gold investment funds continued in October, $2 billion
Since the beginning of the year, the funds’ investments have fallen 6%.
– Total cash outflows from gold-backed global investment funds have hit $13 billion since the start of the year
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Oil prices settled up more than 2% – yesterday, Friday – after a volatile trading week as the market anxiously watched the latest round of OPEC Plus production cuts and a slowdown in global production activity.
Brent crude futures for February delivery were down 2.45% at $78.88 a barrel, while US West Texas Intermediate crude futures were down 1.9% at $74.07.
For the week, Brent posted a decline of about 2.1%, while the West Texas Intermediate posted a decline of more than 1.9%.
On Thursday, oil-producing countries in the OPEC Plus alliance – which includes members of the Organization of the Petroleum Exporting Countries (OPEC) and other countries including Russia – agreed to cut global oil production by about 2.2 million barrels on the world market. per day in the first quarter of next year, including… extending current voluntary cuts by 1.3 million barrels per day from Saudi Arabia and Russia.
The OPEC Plus alliance – which accounts for more than 40% of the world’s oil – is focused on cutting production, with prices falling from around $98 a barrel in late September, amid fears of weaker economic growth in 2024.
A survey showed that the US manufacturing sector is still weak, with the factory employment rate falling last November.
On Friday, talks to extend a week-long ceasefire between Israel and the Palestinian Islamist movement (Hamas) collapsed, leading to renewed fighting in Gaza that could disrupt global oil supplies, Reuters reported.
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