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Gold prices climbed on Friday to their highest point in more than a month, on track for a weekly gain, as investors sought safe-haven assets after Israel’s strike on Iran heightened Middle East tensions. Spot gold was up 1.3 percent at $3,428.28 an ounce as of 01:34 GMT after hitting its highest level since May 7 earlier in the session. Bullion has gained more than 3.5 percent so far this week. US gold futures gained 1.4 percent to $3,449.60. Geopolitical tensions escalated after Israel struck Iran as tensions mounted over US efforts to halt Iran’s production of atomic bomb materials. “This latest spike in…

Home markets most profitable Stocks are a safe haven PIF may sell STC stake The Gulf’s major former telecom monopolies reported steady first-quarter profit growth and have proved a safe haven for equity investors during market volatility this year. However, it is their smaller domestic rivals that analysts prefer. Saudi Telecom Co (STC), the UAE’s e& (formerly and more commonly known as Etisalat), Qatar’s Ooredoo and Kuwait’s Zain are all part-owned by their countries’ respective governments. The companies have all expanded abroad to varying degrees following the introduction of domestic competition – yet their home markets remain the most profitable part…

Japan’s Nikkei Falls, Australia and New Zealand Dollars Tumble amid Israel’s Strike on Iran The Australian and New Zealand dollars tumbled on Friday as Israel’s strike on Iran hammered global stocks and drove investors into safe-haven assets, with domestic bond yields diving to over a month lows. The commodity-sensitive currencies often track global risk sentiment and tend to take a hit when equity markets slide. The Aussie plunged 0.9% to $0.6474, having risen 0.5% overnight to as high as $0.6534. It was already showing signs of fatigue as the currency has been unable to break a key resistance level of…

Oil prices jumped more than 5% on Friday to hit the highest in more than two months after Israel said it struck Iran, raising concerns of escalating tensions in the Middle East that could disrupt oil supplies. Brent crude futures rose $3.91, or 5.64%, to $73.27 a barrel by 0146 GMT, the highest since April 3. US West Texas Intermediate crude was up $4.09, or 6.01%, at $72.13 a barrel, Reuters reported. Israel said early on Friday that it struck Iran, and Iranian media said explosions were heard in Tehran as tensions mounted over US efforts to win Iran’s agreement…

At the first-ever Downtown Design Riyadh, BMW Saudi Arabia and Mohamed Yousuf Naghi Motors did more than show up, they made a statement. As Premier Sponsor of Saudi Arabia’s new flagship design fair, the brand didn’t just display its cars; it showcased its commitment to art, design, and local talent in a way that felt fresh, bold, and authentically Saudi. “Our participation truly allowed us to localize BMW’s global contribution to arts and design,” said David McGoldrick, Managing Director of Mohamed Yousuf Naghi Motors. “It was about celebrating creativity that’s grounded in the Kingdom’s culture.” BMW and Mohamed Yousef Naghi…

The crash of an Air India 787-8 Dreamliner jet minutes after taking off on Thursday poses another challenge for Boeing, whose new CEO has been trying to rebuild trust following a series of safety and production challenges. It was not clear what caused the crash, as air disasters can occur for a number of different reasons. The London-bound plane crashed in India’s western city of Ahmedabad, authorities said, in the world’s worst aviation disaster in a decade. The disaster, in which most of the 242 people on board were killed, muddies the efforts of CEO Kelly Ortberg to move past…

The crash of an Air India 787-8 Dreamliner jet minutes after taking off on Thursday poses another challenge for Boeing, whose new CEO has been trying to rebuild trust following a series of safety and production challenges. It was not clear what caused the crash, as air disasters can occur for a number of different reasons. The London-bound plane crashed in India’s western city of Ahmedabad, authorities said, in the world’s worst aviation disaster in a decade. The disaster, in which most of the 242 people on board were killed, muddies the efforts of CEO Kelly Ortberg to move past…

Oil prices fell on Thursday after sharp gains in the previous session as market participants assessed a US decision to move personnel from the Middle East ahead of talks with Iran over the latter’s nuclear-related activity. Brent crude futures were down $1.31, or 1.9%, at $68.46 a barrel at 1202 GMT, while US West Texas Intermediate crude was $1.32, or 2%, lower at $66.83 a barrel, Reuters reported. A day earlier both Brent and WTI surged more than 4% to their highest since early April. US President Donald Trump said the US was moving personnel because the Middle East “could…

The cost of insuring Israel’s debt against default rose on Thursday, and its bond prices and stock indexes slid, as regional security concerns spiked and the country’s own government wobbled. Israel’s five-year credit default swaps rose nine basis points (bps) from Wednesday’s close, to reach 107 bps, according to S&P Global Market Intelligence, while its international dollar bonds slid more than 1 cent, Reuters reported. The 100-year issuance, which matures in 2120, shed more than 1.3 cents before retracing some of the loss to be bid at 67 cents on the dollar, Tradeweb data showed. “A possibility of a more…

Oil prices fell on Thursday after sharp gains in the previous session as market participants assessed a US decision to move personnel from the Middle East ahead of talks with Iran over the latter’s nuclear-related activity. Brent crude futures were down $1.31, or 1.9%, at $68.46 a barrel at 1202 GMT, while US West Texas Intermediate crude was $1.32, or 2%, lower at $66.83 a barrel, Reuters reported. A day earlier both Brent and WTI surged more than 4% to their highest since early April. US President Donald Trump said the US was moving personnel because the Middle East “could…