عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia, Italy Discuss Cooperation on Clean Energy

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has met in Rome with Italian Minister of Environment and Energy Security Gilberto Fratin in Rome. SPA
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has met in Rome with Italian Minister of Environment and Energy Security Gilberto Fratin in Rome. SPA
TT
TT

Saudi Arabia, Italy Discuss Cooperation on Clean Energy

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has met in Rome with Italian Minister of Environment and Energy Security Gilberto Fratin in Rome. SPA
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has met in Rome with Italian Minister of Environment and Energy Security Gilberto Fratin in Rome. SPA

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has met in Rome with Italian Minister of Environment and Energy Security Gilberto Fratin to discuss strengthening cooperation in mining, sustainability, clean energy solutions, and attracting Italian investment to Saudi Arabia’s mining sector.

Alkhorayef highlighted the Kingdom's untapped mineral wealth, estimated at $2.5 trillion, and opportunities at all mining stages: exploration, exploitation, and processing. He said 80 years of geological data is accessible to investors on a digital platform to help facilitate informed investment decisions.

He also explored opportunities for enhanced cooperation and investment in renewable energy, focusing on the integration of the supply chain to meet local, regional, and global demand.

Alkhorayef welcomed the increased Italian business engagement in the Kingdom, and encouraged private sector participation in major development projects.
He invited Fratin to the Future Minerals Forum in Riyadh, in early 2025, anticipating significant Italian participation.

Most Viewed

 
 
Business

Gold Stalls as Buoyant US Dollar Keeps Gains in Check

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
TT
TT

Gold Stalls as Buoyant US Dollar Keeps Gains in Check

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold prices held steady on Tuesday as the US dollar remained near two-month highs, with markets caught between profit-taking and prospects for further rate cuts by the Federal Reserve.

Spot gold was steady at $2,652.72 per ounce at 1108 GMT while US gold futures nudged up 0.1% to $2,669.20.

"We've got a US dollar near two-month highs, higher Treasury yields and also the overwhelming temptation of profit taking as we go towards November after gold's nearly 30% gain so far this year, so in short gold's got some pretty fierce headwinds at the moment," independent analyst Ross Norman said, according to Reuters.

Gold prices hit a record high of $2,685.42 last month, but shed some of those gains as the dollar hovered near a more than two-month peak reached in the previous session, making bullion more expensive for other currency holders.

"Further rate cuts I think will continue to support gold and we'll probably see a fresh all-time high this side of the year end," Norman said.

Currently traders see about an 87% chance of a 25-basis-point cut in November, according to the CME FedWatch tool. Non-yielding gold thrives in a lower interest rate environment.

Fed Governor Christopher Waller called for "more caution" on rate cuts ahead but Fed Bank of Minneapolis President Neel Kashkari said more rate reductions are likely as the Fed's 2% inflation target looms in sight.

Market participants are also watching out for US retail sales, industrial production data and weekly jobless claims this week.

Spot silver eased 0.1% to $31.14 per ounce. Platinum fell 1.2% to $980.78 and palladium was down 1.8% at $1,011.77.

"Scrap supply (for platinum) has disappointed in recent years, but we see room for a recovery next year. We still expect the platinum market to be under-supplied in 2025," UBS analysts said in an note.