Gold set for 3rd weekly gain as investors seek safe haven

Bullion was on track for a third straight weekly gain, having added 1.7 percent so far this week. Shutterstock
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Updated 21 March 2025
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Gold set for 3rd weekly gain as investors seek safe haven

  • Gold hit record high of $3,057.21 per ounce on Thursday
  • Silver, platinum, palladium poised for weekly declines

BENGALURU: Gold prices fell on Friday, but were poised for a third straight weekly gain, bolstered by safe-haven demand amidst geopolitical and economic uncertainties as well as anticipation of US Federal Reserve rate cut later this year.

Spot gold was down 0.3 percent at $3,034.02 an ounce as of 3:59 p.m. Saudi time. US gold futures eased 0.1 percent to $3,040.90. Bullion has gained 1.7 percent so far this week.

“It’s just a little bit of profit taking ahead of the weekend. Ongoing safe-haven demand, both based on trade concerns and geopolitical risks continues to be the primary driving force,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.

Gold has hit 16 record highs so far this year, amid geopolitical tensions and economic uncertainty, with four surpassing the crucial $3,000 mark and hitting an all-time peak of $3,057.21 per ounce on Thursday.

US President Donald Trump still intends for new reciprocal tariff rates to take effect on April 2.

The Fed held its benchmark interest rate steady on Wednesday as widely expected, but indicated two quarter-percentage-point cuts before the end of the year.

Traders are pricing in 71 basis points of easing this year from the Fed with at least two rate reductions of 25 bps each, with a cut in July fully priced in, LSEG data showed.

Israel announced an escalation in air, land, and sea strikes against Hamas in Gaza to pressure the release of remaining hostages, effectively abandoning a two-month ceasefire and launching an all-out air and ground campaign against the dominant Palestinian militant group.

Gold, traditionally viewed as a safe-haven investment during times of inflation or economic volatility, tends to do well in a low interest rate environment.

Spot silver slid 1.4 percent to $33.08 an ounce, platinum lost 1 percent to $974.90 and palladium shed 0.6 percent to $946. All three metals were poised for weekly losses.


New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

Updated 28 January 2026
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New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.

The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.

Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.

The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.

Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.

Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.

The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.

In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.