Aswat Asharq Al-Awsat :

Aswat Asharq Al-Awsat : Riyadh Air, Delta Unveil Strategic Partnership

Riyadh Air and Delta Air Lines planes. Aswat Asharq Al-Awsatt
Riyadh Air and Delta Air Lines planes. Aswat Asharq Al-Awsatt
TT

Riyadh Air, Delta Unveil Strategic Partnership

Riyadh Air and Delta Air Lines planes. Aswat Asharq Al-Awsatt
Riyadh Air and Delta Air Lines planes. Aswat Asharq Al-Awsatt

Riyadh Air has partnered with US carrier Delta Air Lines with the goal of operating flights between Saudi Arabia and the United States, the airlines said on Tuesday.

Under the agreement, Atlanta-based Delta will serve as Riyadh Air's exclusive partner in North America, offering its customers access to hundreds of US destinations.

For Delta's customers, the partnership will open new destinations in Saudi Arabia, the airlines said. The US carrier also plans to launch future nonstop service to Riyadh.

Delta CEO Ed Bastian and Riyadh Air CEO Tony Douglas said they envision selling tickets on each other’s flights — a practice known as codesharing.



Aswat Asharq Al-Awsat : Gold Drifts Higher as US Rate Cut Optimism Boosts Appeal

A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
TT

Gold Drifts Higher as US Rate Cut Optimism Boosts Appeal

A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)

Gold prices nudged higher on Tuesday as comments from Federal Reserve Chair Jerome Powell bolstered the case for a September rate cut, while investors awaited more US economic data for further monetary policy cues.

Spot gold rose 0.1% to $2,423.89 per ounce by 0140 GMT. On Monday, prices hit their highest level since May 20, when bullion scaled a record peak of $2,449.89.

US gold futures were flat at $2,429.90.

"Powell continued to lay the groundwork for upcoming policy easing. A rate cut in September is now fully priced in by markets, which may keep sentiments in gold prices well-supported in the lead-up," said IG market strategist Yeap Jun Ron, Reuters reported.

Powell said on Monday the three US inflation readings over the second quarter of this year "add somewhat to confidence" that the pace of price increases is returning to the Fed's target in a sustainable fashion, remarks that suggest a turn to interest rate cuts may not be far off.

When interest rates decrease, the allure of non-yielding bullion typically increases.

Investors were awaiting US retail sales data due at 1230 GMT on Tuesday and comments from Fed governors Christopher Waller and Adriana Kugler later this week for further direction.

A subdued retail sales report may underpin gold prices on dovish Fed bets, while a break to a fresh high will mark a continuation of gold's broader upward trend, which may leave the $2,600 level on watch next, Yeap said.

Elsewhere, India's four-week platinum imports from mid-June eclipsed 2023's total as bullion dealers exploited a loophole by registering alloys containing around 90% gold as platinum to avoid higher duties, government and industry officials told Reuters.

Among other metals, spot silver fell 0.9% to $30.72 per ounce and platinum eased 0.4% to $991.40, while palladium rose 0.2% to $951.84.