Dear followers everywhere, welcome to a new global tour of the financial, business, corporate and energy markets around the world and everything new for today, Wednesday, November 20, 2024… coming to you from Banker, so stay with us.
Starting with the gold markets, where the yellow metal continued to rise for the third session with the decline of the dollar
Gold continued to rise for the third session in a row to its highest level in a week on Wednesday, driven by the decline of the dollar and the worsening tension between Russia and Ukraine, which raised demand for safe haven assets.
The price of gold in spot transactions rose 0.32 percent to $2,640.19 per ounce, its highest level since November 11.
The price of gold futures in the United States increased 0.5 percent to $2,643.70 per ounce.
From gold to the dollar, as the US currency continued its decline to its lowest level in a week against other major currencies, on Wednesday, so that the dollar continued its continuous decline over three days from a weekly peak as the market caught its breath after the frenzied rise in the wake of the election of Donald Trump as President of the United States.
The support received by the dollar and other traditional safe currencies such as the yen did not last long overnight, after the Russian Foreign Minister said that Moscow “will do everything possible” to avoid the outbreak of a nuclear war, hours after Russia announced that it would ease the conditions restricting a strike. Nuclear
The next news in our global tour of oil markets, as most of the stock markets in the Gulf region witnessed an increase during early trading, Wednesday, driven by the rise in oil prices, in light of the continued escalation in the Ukraine war, and the presence of indications of an increase in China’s crude imports.
Oil prices, a major catalyst for financial markets in the Gulf, increased by 0.5 percent, with Brent trading at $73.63 a barrel by 08:40 GMT.
We are still in the Arabian Gulf region, where Saudi Arabia intends to invest $500 billion in the tourism sector within 15 years.
The Minister of Tourism in Saudi Arabia, Ahmed Al-Khatib, confirmed that the Kingdom will reach seventh place in the world in the number of tourists arriving there by the year 2030, indicating that Saudi Arabia plans to pump investments exceeding 500 billion dollars into the tourism sector during the next 15 years.
Al-Khatib pointed out in a symposium on the sidelines of the “Local Content Forum” in Riyadh that the ministry is coordinating with all ministries in the Kingdom to ensure that the infrastructure is ready in all regions.
The last news in our global tour of company news, as workers at the German Volkswagen company decided to give up part of their salary to avoid closure.
The German metalworkers’ union, IG Metal, and the workers’ council of the German Volkswagen automobile company are seeking to reduce costs by giving up part of salaries, with the aim of avoiding resorting to closing some factories and laying off workers.
This comes as part of a special future plan presented by representatives of Volkswagen employees one day before the next round of collective negotiations.
For his part, Torsten Groeger, regional director at the Metal Workers Union, said that the comprehensive concept allows for reducing labor costs by about 1.5 billion euros (about 1.6 billion dollars).
