Future Minerals Forum in Riyadh to Host World’s Largest Gathering of Geological Survey Leaders in January

Future Minerals Forum in Riyadh to Host World’s Largest Gathering of Geological Survey Leaders in January
TT

Future Minerals Forum in Riyadh to Host World’s Largest Gathering of Geological Survey Leaders in January

Future Minerals Forum in Riyadh to Host World’s Largest Gathering of Geological Survey Leaders in January

The fourth Future Minerals Forum, scheduled to be held in Riyadh in January, will host two prominent international meetings: the second International Meeting of Geological Survey Authorities and the first Meeting of Centers of Excellence and Technology, reported the Saudi Press Agency on Tuesday.

The events aim to bolster international cooperation in mining and advance geological and research capacities to increase the production of minerals essential for the energy transition and broader industrial development.

The second Meeting of International Geological Survey Leaders, set for January 14, will gather heads of geological survey authorities from Africa and Asia, as well as representatives from the US Geological Survey, British Geological Survey, French Geological Survey (BRGM), and Geological Survey of Finland (GTK).

Discussions at the meeting will focus on boosting geological capacities within the Greater Region, spanning Africa to West and Central Asia, to attract more investments. This includes empowering geologists, leveraging digital technology and artificial intelligence to more accurately identify mineral sites, and exploring the establishment of a regional center of excellence to foster innovation, develop skills, and adopt technology in mineral-producing countries.

Meanwhile, the forum will feature the inaugural Meeting of Centers of Excellence and Technology, an initiative of the International Ministerial Meeting, with the participation of academic institutions, including specialized institutes and universities. The meeting aims to create a regional network focused on building capacities and accelerating technology in the Greater Region to secure its leadership in the minerals sectors.



Gold Drops Nearly 2% on Profit-booking, Trump's Treasury Secretary Pick

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
TT

Gold Drops Nearly 2% on Profit-booking, Trump's Treasury Secretary Pick

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold dropped nearly 2% on Monday, weighed down by profit-taking after a five-session rally, with further pressure from the announcement of fund manager Scott Bessent as the next US Treasury secretary.
Spot gold was down 1.8% at $2,664.53 per ounce, as of 0619 GMT, after declining more than 2% earlier in the session. Bullion had hit its highest since Nov. 6 earlier in the day.
US gold futures shed 1.7% to $2,666.40.
Gold's five-session rally has paused due to some profit-taking and Donald Trump's pick of Bessent as the next US Treasury secretary, hinting at tempered use of tariffs and easing US-China trade uncertainty, said IG market strategist Yeap Jun Rong.
President-elect Trump has floated the idea of a 60% tariff on Chinese goods and at least a 10% levy on all other imports.
Gold is considered a safe investment during times of economic and political uncertainty.
Investors are also awaiting minutes of the Federal Reserve's November meeting, GDP data (first revision), and core PCE figures, all due this week.
Traders currently see a 56% chance of another 25-basis-point rate cut in December, compared to 62% last week, according to the CME Fedwatch tool.
Recent less dovish signals from US policymakers suggest any unexpected rise in inflation could strengthen expectations of a rate hold in December, Rong said.
Higher interest rates tend to make gold less appealing, as they yield no interest.
Some Fed policymakers last week expressed concerns that inflation progress may have stalled, advocating for caution, while others emphasized the need for continued rate cuts.
On the geopolitical front, Hezbollah fired heavy rockets at Israel on Sunday, following an Israeli airstrike that killed at least 29 in Beirut. There were reports of damage near Tel Aviv.
Spot silver fell 2.2% to $30.63 per ounce, platinum was down 1.2% to $952.00 and palladium slipped 1% to $998.88.