Saudi Arabia Inks Mining Agreements with Several Govts at Fourth Future Minerals Forum

The Saudi Ministry of Industry and Mineral Resources signed a series of MoUs and cooperation agreements with six countries during the fourth Ministerial Roundtable, the flagship opening meeting of the Future Minerals Forum. (SPA)
The Saudi Ministry of Industry and Mineral Resources signed a series of MoUs and cooperation agreements with six countries during the fourth Ministerial Roundtable, the flagship opening meeting of the Future Minerals Forum. (SPA)
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Saudi Arabia Inks Mining Agreements with Several Govts at Fourth Future Minerals Forum

The Saudi Ministry of Industry and Mineral Resources signed a series of MoUs and cooperation agreements with six countries during the fourth Ministerial Roundtable, the flagship opening meeting of the Future Minerals Forum. (SPA)
The Saudi Ministry of Industry and Mineral Resources signed a series of MoUs and cooperation agreements with six countries during the fourth Ministerial Roundtable, the flagship opening meeting of the Future Minerals Forum. (SPA)

The Saudi Ministry of Industry and Mineral Resources signed on Tuesday a series of memoranda of understanding (MoUs) and cooperation agreements with six countries during the fourth Ministerial Roundtable, the flagship opening meeting of the Future Minerals Forum.

The meeting marked a significant step in advancing international partnerships and fostering the development of the Kingdom's mining and minerals sector.

The agreements were signed by Minister of Industry and Mineral Resources Bandar Alkhorayef, and Vice Minister of Industry and Mineral Resources for Mining Affairs Eng. Khalid Al-Mudaifer.

The counterpart signatories included the minister of energy and natural resources from Djibouti, the minister of energy and mineral resources from Jordan, the secretary of state for business and trade from the United Kingdom, and the minister of mines and mineral development from Zambia.

Additional agreements were signed with the Ministry of Finance of Austria and the Ministry of the Economy, Finance and Industrial and Digital Sovereignty of France.



Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices rose for a second straight session on Tuesday, but traded below the recent all-time highs, as uncertainty around US President Donald Trump's tariff plans continued to fuel economic growth concerns and safe haven flows into bullion.

Spot gold gained 0.6% at $2,913.79 an ounce as of 0714 GMT. It hit a record high of $2,942.70 last week.

US gold futures added 0.9% to $2,925.50.

"Trump's disruptive modus operandi, aggressive rhetoric and tariffs - whether actual or threatened - could unravel global trade and intricate supply chains," said Nikos Tzabouras, senior financial writer at trading platform Tradu, Reuters reported.

"With uncertainty surrounding the global economy and the broader geopolitical landscape in the Trump 2.0 era, gold is set to remain a natural beneficiary of risk-off flows and central bank buying."

Since taking office last month, Trump has swiftly redrawn the global trade battlefield with a series of tariffs, while plans are already in motion for sweeping reciprocal tariffs, aimed squarely at any nation that taxes US products.

"Gold continues to benefit from the uncertainty surrounding the US. government's tariff policy. Central bank buying should also continue to provide support, even if there is no new data on this," Commerzbank analysts said in a note.

The market's focus has now shifted to the US Federal Reserve's January meeting minutes due on Wednesday for clues into the central bank's interest rate trajectory.

"Price gains are also supported by growing expectations that the Fed will cut rates in 2025 - a sentiment that gained further traction among traders after last week's disappointing US retail sales figures," Ricardo Evangelista, senior analyst at brokerage firm ActivTrades, said.

Bullion benefits from geopolitical and economic uncertainties, as well as rising price pressures, but higher interest rates diminish the asset's allure.

Spot silver fell 0.9% to $32.50 an ounce. Platinum jumped 0.9% to $985.20 and palladium climbed 1.6% to $978.00.