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Safe-haven gold near a 1-month low as global tensions ebb

Update Safe-haven gold near a 1-month low as global tensions ebb
Spot gold lost 1.4 percent to $3,282.68 per ounce by 1:55 p.m. Saudi time. Getty
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Updated 27 June 2025

Safe-haven gold near a 1-month low as global tensions ebb

Safe-haven gold near a 1-month low as global tensions ebb

BENGALURU: Gold fell more than 1 percent to its lowest level in nearly a month on Friday due to easing geopolitical and trade tensions and as investors awaited US inflation data for clues on the future trajectory of interest rates.

Spot gold lost 1.4 percent to $3,282.68 per ounce by 1:55 p.m. Saudi time, its lowest since late May. Prices have fallen by over 2 percent this week and more than $200 from a record high scaled in April.

US gold futures fell 1.6 percent to $3,294.50.

The Iran-Israel ceasefire, brokered earlier this week by US President Donald Trump, is holding for now.

A White House official said on Thursday that the US has reached an agreement with China on how to expedite rare earths shipments to the US.

July 9 is the deadline for Trump’s “reciprocal†tariffs as nations rush to get an agreement.

“The loss of haven demand has meant that despite the latest leg down in the dollar, gold has not benefited from this at all,†said Fawad Razaqzada, market analyst at City Index and FOREX.com.

“A bit of a pullback would not be too bad an outcome as that will allow long-term technical overbought conditions on higher time frames to work off, allowing the metal to shine again when macro conditions are more favorable once more.â€

Spot silver fell 1.8 percent to $35.96.

Platinum dropped 5.9 percent to $1,334.63, after hitting its highest since 2014. Palladium fell 1.2 percent to $1,117.96.

The main reason for the price increase in platinum was likely to be the high discount to gold, which is apparently considered too expensive, said Commerzbank in a note. 


‘A Paperless Event’ – the slogan of Saudi technology at the UN General Assembly for Tourism

‘A Paperless Event’ – the slogan of Saudi technology at the UN General Assembly for Tourism
Updated 07 November 2025

‘A Paperless Event’ – the slogan of Saudi technology at the UN General Assembly for Tourism

‘A Paperless Event’ – the slogan of Saudi technology at the UN General Assembly for Tourism

RIYADH: Papers are absent, and Saudi technology is present to say “a paperless event†at the UN General Assembly meetings for the tourism sector, which will be held in Riyadh, with the participation of more than 100 ministers from around the world, Al-Eqtisadiah reports.

The assembly meetings are set amidst natural green plants cultivated in the Saudi desert, surrounding the roundtable that will bring the ministers together. They will chart their plan and vision for the next 50 years, discuss the use of artificial intelligence in the global tourism sector, and ensure the human element is not marginalized.

Sara Al-Saud, the general supervisor of International Affairs for the Saudi Ministry of Tourism, said that “there is a shortage of an estimated 43 million workers in the global tourism sector.â€

She clarified that the topic of AI will be one of the subjects discussed by the over 100 ministers, in addition to shaping the Assembly’s vision for the next 50 years.

She added that the Assembly meetings are expected to witness the signing of memorandums of understanding and agreements during the event, alongside a number of recommendations that will be announced in due course.

For his part, Ahmed Al-Ghamdi, the director-general of International Research and Planning, emphasized that the human element is very important in the tourism sector, and that artificial intelligence significantly helps small and medium enterprises improve their service quality and customer experience.

The Executive Director of UN Tourism, Natalia Bayona, explained that the global tourism sector is the largest employer of youth, with 60 percent of them working with AI. She added that many tourists worldwide use AI to explore tourist destinations.

Consequently, a survey was conducted with member states to ascertain if they have local AI strategies and to identify what support could be offered to develop the mechanism, especially since the tourism sector relies heavily on small and medium enterprises.

Globally, the tourism sector contributed 10 percent to the global gross domestic product in 2024, equivalent to $10.9 trillion, recording a growth rate of 8.5 percent compared to 2023, thereby surpassing pre-COVID-19 pandemic levels.

On the local front for the Saudi tourism sector, unprecedented levels were recorded in terms of visitor numbers, spending volume, job creation, and contribution to the GDP.

The direct and indirect contribution of the tourism sector to the GDP reached 11.5 percent in 2023. The International Monetary Fund predicts that the Saudi tourism sector will achieve a growth rate of 16 percent by 2034.