Saudi Arabian Mining Company (Ma'aden) said its gold and base metals unit had obtained a SR1.2 billion ($320 million) loan from the state-affiliated Saudi Industrial Development Fund to help develop the Ad Duwayhi mine.
Gold was heading for its sharpest weekly drop in more than two months as strong US economic data and uncertainty over the timing of the rollback of the Federal Reserve's stimulus measures sent the metal to its lowest since early July.
Commodities other than oil will fail to capture much of the renewed investment appetite for risky assets that has buoyed global markets this year until more clarity emerges about demand from China, say analysts.
Investment has flowed into
Dubai Aluminium (Dubal), a major single-site aluminium smelter, will co-host a major global metal quality workshop with Pyrotek, an international metals and technical services company.
The fifth international Metal Quality Workshop (MQW5)
Political risk in the Middle East has increased significantly with war between Iran and Israel almost inevitable, and precious metals and equities investments offer some safety, Swiss money manager and long-term bear Marc Faber has said.
The trade across the Middle East and North Africa (Mena) region is expected to grow by 131 per cent to 2026, faster than the global growth over the same period (86 per cent), according to a new report.
HSBC in its latest 'Trade Connections
Spot silver jumped more than 2 percent on Tuesday, leading gains in the precious metals complex as investors returned to the market in the new year with renewed appetite for risk.
Cash silver rose as much as 2.1 percent to $28.39 an ounce,
Gold edged lower on Wednesday, tracking falls in industrial metals and equities, as concerns about global economic growth weighed on market sentiment amid thin year-end trading volumes.
Investors were cautious as the latest data out of the
Gold inched higher on Friday in thin trade, taking cues from higher equities after upbeat US economic data encouraged investors, while the persistent gloom hanging over the euro zone weighed on sentiment.
Data showing a drop in US jobless