Gold steady as market eyes Middle East conflict, Fed decision
Gold prices were steady on Tuesday as investors assessed the conflict between Israel and Iran and looked ahead to this week's U.S. Federal Reserve's policy meeting.
Spot gold was steady at $3,383.01 an ounce, as of 0851 GMT. U.S. gold futures fell 0.5% to $3,401.30.
Israel and Iran exchanged attacks for a fifth consecutive day on Tuesday.
U.S. President Donald Trump urged an evacuation of Iran's capital Tehran and cut short his trip to the G7 summit in Canada. A separate report said he had asked for his administration's National Security Council to be prepared in the situation room.
"Markets are waiting for the latest signals whether hostilities between Israel and Iran would escalate or will remain contained," said Han Tan, chief market analyst at Exinity Group.
"Gold still retains its bias for lurching upwards on signs of a worsening Middle East conflict, given the precious metal's stature as the preferred safe haven of late."
Sources told Reuters that Tehran has asked Oman, Qatar, and Saudi Arabia to urge Trump to push Israel for a ceasefire in the region, with Iran offering flexibility in nuclear talks in return.
Zero-yield bullion is considered a hedge against geopolitical and economic uncertainty and tends to thrive in a low-interest environment.
The U.S. central bank rate decision and Chair Jerome Powell's remarks are due on Wednesday. Traders are currently pricing in two cuts by the end of the year.
Meanwhile, Citi lowered its short-term and long-term price targets for gold, projecting prices could drop below $3,000 per ounce by late 2025 or early 2026, driven by declining investment demand and an improving global growth outlook, it said in a note on Monday.
Elsewhere, spot silver was up 0.3% at $36.45 per ounce, platinum was unchanged at $1,246.59, while palladium fell 0.4% to $1,025.44.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
31 minutes ago
- Zawya
(USAII) Conference 2025 kicks off today in Bahrain, in collaboration with NGN
The United States Artificial Intelligence Institute (USAII) Conference 2025 officially commenced today, 17 June, in collaboration with NGN International. Held under the theme 'AI Innovations, Ethics, and Digital Transformation: Towards Excellence and Strategic Growth,' the conference convened at the Awal Ballroom of the Gulf Hotel Bahrain. The event serves as a pivotal platform for addressing cutting-edge developments, identifying emerging challenges, and exploring strategic opportunities within the rapidly evolving landscape of artificial intelligence. In the keynote address, Dr. Milton Mattox, Chief Executive Officer of the United States Artificial Intelligence Institute (USAII) and an internationally recognized authority in AI strategy and transformation, expressed sincere appreciation for hosting the event in the Kingdom of Bahrain. The speech highlighted Bahrain's emergence as a vibrant regional hub for tech innovation and emphasized the importance of international collaboration in harnessing artificial intelligence to advance economic and social development. Dr. Mattox noted that the conference aims to foster global dialogue and cooperation on the responsible and effective application of AI to confront future challenges and generate meaningful progress. The speaker line-up showcased a distinguished group of experts driving progress in the field of artificial intelligence. Featured speakers included Mr. Amr Hariri, Managing Director of ITMEA; Dr. Amal Shaheen, a strategist in AI and organizational performance, academic and leadership coach, and holder of a PhD in AI and Machine Learning; and Dr. Abdulkarim Katbi, a leader in AI and digital infrastructure, PhD holder in AI, and an expert in digital transformation. Additional contributions came from Dr. Fadheela Hussain, an AI and cybersecurity expert and assistant professor with a PhD in Computing and Information Sciences; Mr. Ali Awadh, a senior expert in telecommunications and digital solutions; and Mr. Mohamed Buallay, a leading figure in geo-economic intelligence. Each speaker delivered valuable insights into emerging trends, breakthrough innovations, and practical applications that are actively shaping the global artificial intelligence landscape. On this occasion, Mr. Yaqoob Al Awadhi, CEO of NGN International, expressed pride in partnering with the United States Artificial Intelligence Institute (USAII) to co-host this prominent event, and emphasized the critical role of knowledge exchange and strategic dialogue with global thought leaders in accelerating the adoption of advanced AI technologies across various sectors. Mr. Al Awadhi also reaffirmed NGN International's commitment to fostering technological development in Bahrain and the wider region, underscoring the alignment of such initiatives with Bahrain's Economic Vision 2030 and the national agenda for digital transformation and innovation-driven growth.
Zawya
31 minutes ago
- Zawya
Mohammed bin Rashid: UAE's performance in the 2025 IMD World Competitiveness Ranking
United Arab Emirates: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, has chaired a Cabinet meeting held at Qasr Al Watan in Abu Dhabi. The meeting was attended by H.H. Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court; H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence; H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance; H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister, and Minister of the Interior. His Highness Sheikh Mohammed bin Rashid Al Maktoum said, " I chaired a Cabinet meeting at Qasr Al Watan in Abu Dhabi, where we reviewed the UAE's performance in the 2025 IMD World Competitiveness Ranking. The UAE ranked 5th globally, alongside the world's leading countries in economic competitiveness, government efficiency, legislative strength, and business environment excellence. Fourteen years ago, we established a competitiveness center, uniting the efforts of key national entities. These efforts have elevated the UAE's ranking from 28th globally in 2009 to being among the top five globally in competitiveness. In the same report, the UAE ranked 1st globally in the absence of bureaucracy index, 2nd globally in government policies adaptability index, and 4th globally in government efficiency index. This achievement is a testament to years of consistent effort. With the vision of my brother, Mohamed bin Zayed, our future will continue to be even brighter and stronger. His Highness Sheikh Mohammed bin Rashid Al Maktoum added, 'During the meeting, we approved housing grants for over 1,838 citizens in the first half of the current year, with a total value of AED 1.2 billion. This support will continue to ensure decent housing and enhance family stability across the UAE. His Highness Sheikh Mohammed bin Rashid Al Maktoum confirmed, 'We also approved the results and activities of the Emirates Council for Balanced Development, chaired by Sheikh Theyab bin Mohamed bin Zayed Al Nahyan. The Council continues to implement projects and forge national partnerships to develop Emirati villages, economically, socially, and as tourist destinations. Its initiatives have created meaningful opportunities for families, young talent, and small business owners. The Council's mission is to ensure that every part of the UAE, near or far, benefits from the nation's immense developmental momentum. His Highness Sheikh Mohammed bin Rashid Al Maktoum said, 'We also reviewed the results of Digital Identity implementation in government transactions, which now has over 11 million registered users and has recorded more than 600 million logins. The unified integrated digital ecosystem for government services is currently connecting over 130 government entities and private sector organizations. It has facilitated 2.6 billion digital transactions efficiently, accurately, and swiftly. Thanks and appreciation go to the team behind this outstanding national ecosystem. His Highness Sheikh Mohammed bin Rashid Al Maktoum added, 'The Cabinet approved during the meeting the restructuring of the Higher Committee Overseeing the National Strategy on Anti-Money Laundering and Countering the Financing of Terrorism under the chairmanship of Sheikh Abdullah bin Zayed Al Nahyan. Over the years, the Committee has made strides in advancing national policies and strengthening measures to combat money laundering and terrorism financing across the country. The Committee will continue its work to ensure the UAE remains a global leader combating money laundering and terrorism financing, an oasis of safety and security, and an ideal business environment for entrepreneurs and investors across all sectors. His Highness Sheikh Mohammed bin Rashid Al Maktoum said, 'We also approved the establishment of the National Maritime Navigation Center, which will operate under the Ministry of Energy and Infrastructure. The new center will manage and operate the Integrated National Maritime System for monitoring maritime traffic, oversee the National Maritime Single Window, and enhance the safety and security of the maritime sector. It will also activate and develop mechanisms to prevent harmful practices, protect the UAE's marine life, and advance the sector through conducting scientific research and studies. His Highness Sheikh Mohammed bin Rashid Al Maktoum concluded, 'We approved the 2024 Annual Report of the Higher Commission for Free Trade Negotiations. Key achievements include the signing and conclusion of 27 Comprehensive Economic Partnership Agreements (CEPA) with strategic global economies, 8 of which have already come into force. We also reviewed ongoing efforts to finalize more agreements with additional countries. The UAE's free trade negotiation team is outstanding and has delivered remarkable results, contributing to record-breaking growth in the UAE's foreign trade in a short period. The UAE Cabinet reviewed the 2025 Global Competitiveness Ranking results, published by the IMD World Competitiveness Center in Lausanne, Switzerland. This year, the UAE is ranked among the top five globally, scoring 96.09 out of 100 points. The country advanced two positions from last year, surpassing countries such as the United States, Sweden, Germany, and Canada, while maintaining its top ranking as the regional leader for the ninth consecutive year. The report evaluates 69 countries based on four key areas: economic performance, government efficiency, business efficiency, and infrastructure. Its findings cover 341 competitiveness indicators across economic, administrative, and social fields. The 2025 edition also introduced five new indicators: food waste, environmental performance, freely elected government, passport mobility, and media bias. This year, the UAE made significant progress in the business efficiency pillar, rising seven spots to rank third globally. It also maintained a strong standing globally in economic performance and government efficiency, ranking second and fourth, respectively. The UAE's exceptional performance in key sectors contributed to its leadership in 113 global indicators across the report's main and sub-pillars. The country ranked first globally in 22 indicators, including employment rate, absence of bureaucracy, availability of global expertise, digital transformation in companies, venture capital, inbound mobility of higher education students, public-private partnerships, energy infrastructure, and female parliamentary representation. The UAE also ranked second globally in social cohesion, flexibility of residency laws, and government policy adaptability, while securing third globally in graduates in sciences, leverage of digital tools and technology, and healthcare infrastructure. The Cabinet reviewed the 2024 report of the Higher Commission for Free Trade Negotiations. The report highlighted the signing and conclusion of negotiations for 27 Comprehensive Economic Partnership Agreements (CEPAs) with various countries, of which eight have already come into effect. These agreements drove the UAE's foreign trade volume to an unprecedented AED 5.23 trillion in 2024, according to the World Trade Organization (WTO). The UAE's non-oil exports reached a historic milestone, exceeding AED 440 billion in 2023, marking a 16.3% growth compared to 2022 and a remarkable 83% increase from 2019. Re-exports also reached a record AED 684.3 billion, with a 6.3% growth compared to 2022. Additionally, the UAE attracted AED 113 billion in foreign direct investments (FDI) in 2023, reinforcing its position as a global trade hub. The Cabinet reviewed the year 2024 achievements of the Emirates Council for Balanced Development, chaired by His Highness Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Deputy Chairman of the Presidential Court for Development and Fallen Heroes' Affairs and Chairman of the Emirates Council for Balanced Development. Highlights included the completion of major projects in Qidfa, such as the waterfront development, Palm Walk, and cycling tracks. Strategic projects were also initiated in Masfout, including Marble Park, a Ladies' Club, Friday Market, and restoration of Al Sharia and Al Falaj areas as cultural landmarks. The first phase of the Al Sila' Waterfront development project exceeded an 87% completion rate, while plans for Al Rams included several initiatives, such as building a community council, developing the marina and corniche, and advancing ecotourism plans. The Council also launched the "UAE Villages Councils' programme, creating ten integrated community councils and distinct digital branding for each village under the initiative 'Jothoor' (Roots) to empower female artisans in the UAE. Several cultural festivals and local market initiatives were organized, attracting over 206,000 visitors, supporting 171 families, and engaging 790 volunteers. The Cabinet reviewed the achievements of the fourth edition of the 'Make it in the Emirates' platform (2025). This initiative attracted over 122,000 visitors and participants, facilitated AED 168 billion in potential procurement agreements to localize the manufacturing of 4,800 products. Agreements worth AED 11 billion were signed for industrial projects, alongside AED 40 billion in financing solutions over five years to support SMEs. A new category, the "UAE Traditional Crafts', was introduced to recognize individuals and organizations excelling in traditional Emirati crafts. The Cabinet reviewed during the meeting a report on the Sheikh Zayed Housing Program, which highlighted the federal government housing decisions issued during the first half of 2025. The total number of decisions issued during that period reached 1,838, with a total value exceeding AED 1.25 billion. The Cabinet approved the establishment of the National Maritime Navigation Center under the Ministry of Energy and Infrastructure. The Center will manage a unified maritime database, oversee vessel tracking systems, and ensure maritime safety and environmental protection in collaboration with relevant authorities. The Cabinet approved drafting a federal law to saveguard the UAE's cultural heritage. The law will enhance awareness, support intangible heritage, and align national efforts with international best practices. The Cabinet restructured the High Committee for Overseeing the National Strategy on Anti-Money Laundering and Counter Terrorism Financing under the chairmanship of His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs. The UAE Council for Climate Action was also restructured to oversee the implementation of the UAE's Net Zero 2050 strategy and promote carbon market systems. The UAE added nine sites to the global list of biodiversity hotspots and launched a roadmap to plant 100 million mangrove trees by 2030. Protected areas were expanded by an 18 percent increase for mainland reserves and 12 percent increase for marine reserves. The Cabinet also reviewed the results of implementing the UAE Unemployment Insurance Scheme for the year 2024. The UAE Cabinet approved the ratification of 13 international agreements and protocols, including partnerships with Montenegro on tourism, real estate, and economic cooperation, Vietnam on a comprehensive economic partnership, Uganda on mutual visa exemptions, and New Zealand on investment promotion. Agreements were also signed with Eswatini, the Central African Republic, Kenya, Peru, Nigeria, and Jordan. The Cabinet also approved the negotiation and signing of 36 international agreements and memoranda of understanding. These included agreements with Hong Kong on legal assistance, Montenegro on energy cooperation, and the Eurasian Economic Union on economic partnerships. New embassies will be established in Togo, Gabon, Cameroon, and Tajikistan, alongside a UAE Consulate General in Miami, USA. The Cabinet endorsed the UAE's participation in 13 international events in countries such as Malaysia and Ethiopia. The UAE will also host key summits, including the Annual Summit of the Central Banks Data Cooperation Group. Additionally, the Cabinet approved the UAE's accession to the International Competition Network, the OECD Forum on Tax Administration, and the Svalbard Treaty, alongside participation in the International Legal Forum in St. Petersburg.
Zawya
31 minutes ago
- Zawya
Riyadh Air announces an order at Paris Air Show with Rolls-Royce for 100 Trent XWB-97 engines
Deal for 100 Trent XWB-97 engines follows Riyadh Air's announcement on first day at Paris Air Show for 25 Airbus A350-1000 aircraft plus 25 options Trent XWB-97 is the world's most efficient large aero-engine, designed and engineered for the A350-1000, providing 97,000 pounds of thrust Multibillion dollar agreement reaffirms Riyadh Air's ambitious plans to operate to over 100 global destinations by 2030, powered by a total fleet of up to 182 aircraft A Memorandum of Understanding (MoU) was also signed for Rolls-Royce's comprehensive TotalCare service that will cover the health and maintenance of the engines Paris & Riyadh, Riyadh Air, the new national carrier of the Kingdom of Saudi Arabia, today signed a deal at the 55th Edition of Paris Air Show at Le Bourget with Rolls-Royce for 100 Trent XWB-97 engines to power its fleet of up to 50 Airbus A350-1000 an order that was announced yesterday. The agreement was signed by Adam Boukadida, Chief Financial Officer of Riyadh Air and Ewen McDonald, Chief Customer Officer at Rolls Royce in the presence of Tony Douglas, Riyadh Air's Chief Executive Officer and Rob Watson, President of Civil Aerospace at Rolls-Royce. At the same time, a Memorandum of Understanding was also signed for Rolls-Royce's comprehensive TotalCare service that will cover the health and maintenance of the engines. The Trent XWB-97 engine is the world's most efficient large aero-engine, specifically designed for the Airbus A350-1000 and will help fulfil Riyadh Air's ambitions to fly to over 100 global destinations by 2030. The airline, whose fleet orders now total up to 182 aircraft across three fleet types, is set to commence operations later in 2025. The A350-1000 aircraft to be powered by the Trent XWB-97 engines, will help grow Riyadh Air's network to the furthest corners of the globe, adding range and capacity that will ensure that Riyadh, a G20 capital city, will be fully connected to the world, realizing the goals of Saudi Vision 2030. Having secured its Air Operators Certificate (AOC) earlier in 2025, Riyadh Air is making considerable progress as it moves closer to its maiden flight later this year. Riyadh Air CFO, Adam Boukadida said: ' The growth of Riyadh Air is of critical importance to the development of Saudi Arabia as an aviation hub, and selecting world-class companies like Rolls-Royce to power our future Airbus large wide-body fleet ensures we have the right partners in place to achieve our ambitions. This deal for 100 Rolls-Royce Trent XWB-97 engines to power our fleet of Airbus A350-1000 aircraft is hugely significant as it brings us closer to realizing our long-term vision of enhanced connectivity for Riyadh. Our goal is to deliver an unrivalled guest experience, linked to a world-class network and provide our guests with unlimited options to fly direct to major global cities.' Rob Watson, President, Civil Aerospace, Rolls-Royce, said: 'We're looking forward to supporting the significant growth ambitions of Riyadh Air in its launch year. The Trent XWB-97 is an incredible engine and our TotalCare package will provide operational certainty across the fleet. The engine will benefit from the £1bn investment we're making to the Trent engine family that improves their durability and efficiency across all operations. We look forward to supporting these new aircraft as they enter service.' This collaboration underscores Riyadh Air's dedication to innovation, comfort, and world-class service, enhancing every aspect of the travel experience for its guests. Riyadh Air continues to redefine premium travel, driven by a mission to connect the world to Saudi Arabia's hospitality and vision for the future. About Riyadh Air Riyadh Air, a PIF company, is a world-class airline. Launched in March 2023, the airline will be a digitally led, full-service airline that adopts the best global sustainability and safety practices across its advanced fleet of aircraft. Riyadh Air will equip its aircraft with the most advanced, state-of-the-art features with innovative, best-in-class cabin interiors and experiences, including next generation digital in-flight entertainment systems and connectivity solutions. Riyadh Air will connect guests to over 100 destinations around the world by 2030 through offering an exceptional guest experience with an authentic, warm Saudi hospitality at its heart. About Rolls-Royce Holdings plc Rolls-Royce is a force for progress; powering, protecting and connecting people everywhere. Our products and service packages help our customers meet the growing need for power across multiple industries; enable governments to equip their armed forces with the power required to protect their citizens; and connect people, societies, cultures and economies together. Rolls-Royce has a local presence in 48 countries and customers in over a hundred more, including airlines and aircraft leasing companies, armed forces and navies, and marine and industrial customers. Through our multi-year transformation programme, we are building a high-performing, competitive, resilient and growing Rolls-Royce. We are building the financial capacity and agility to allow us to successfully develop and deliver the products that will support our customers through the energy transition. Annual underlying revenue was £17.8 billion in 2024, and underlying operating profit was £2.46 billion. Rolls-Royce Holdings plc is a publicly traded company (LSE: RR., ADR: RYCEY, LEI: 213800EC7997ZBLZJH69)
