Spot gold traded at $4,185.69 an ounce as trend-following funds accumulated an estimated $10 billion net short position. Concurrently, China's central bank extended its gold buying streak to 23 consecutive months, adding approximately 23 tonnes in September. Analysts note that structural accumulation by central banks is offsetting speculative selling ahead of key US inflation data.
Chinese top diplomat Wang Yi met with UAE presidential special envoy Khaldoon Khalifa Al Mubarak in Beijing on Tuesday. The two sides reviewed their Comprehensive Strategic Partnership and discussed ways to expand cooperation across key sectors. Wang reiterated that China will continue to play a constructive role in promoting regional peace and a comprehensive ceasefire in the Middle East.
Saudi Arabian Refineries Company announced that its one-year non-binding memorandum of understanding with UAE-based Go Energy has expired without reaching a definitive agreement. The company stated that the expiration involves no financial obligations or impact on its financial results. SARCO continues to hold a separate hydrogen cooperation agreement signed in May with China's Ally Hydrogen Energy.
UAE Presidential Special Envoy Khaldoon Khalifa Al Mubarak met Chinese Foreign Minister Wang Yi in Beijing on October 13, 2026. The two officials reviewed bilateral ties under the Comprehensive Strategic Partnership framework and discussed expanding cooperation in key sectors. Both sides reaffirmed commitments to broaden trade and investment opportunities and maintain regular diplomatic consultation.
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