Arab Ministers To Discuss Future Of Mining In Riyadh Next Week

One of the entrances to the Al-Amar gold mine, south of the Saudi capital (Asharq Al-Awsat).
One of the entrances to the Al-Amar gold mine, south of the Saudi capital (Asharq Al-Awsat).
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Arab Ministers To Discuss Future Of Mining In Riyadh Next Week

One of the entrances to the Al-Amar gold mine, south of the Saudi capital (Asharq Al-Awsat).
One of the entrances to the Al-Amar gold mine, south of the Saudi capital (Asharq Al-Awsat).

The Saudi Ministry of Industry and Mineral Resources, in partnership with the Arab Industrial Development, Standardization and Mining Organization (AIDSMO), will hold on Tuesday the 8th Consultative Meeting of Arab Ministers for Mineral Resources.

The meeting will come in conjunction with the Future Minerals Forum, which will take place in Riyadh on Jan. 11-13.

Minister of Industry and Mineral Resources Bandar Al-Khorayef is scheduled to open the consultative meeting, in the presence of all Arab ministers of industry, energy, oil, and mining, and the director-general of the AIDSMO.

The meeting agenda includes a review of AIDSMO’s activities in the mineral resources sector during the period between the seventh and eighth consultative ministerial meetings and the implementation of the relevant recommendations, especially those related to the database of mining ore production and capacity building.

The meeting will also discuss preparations for a mining guiding system for Arab countries, the Arab initiative for metals used in clean energy technologies, and the Arab industrial and mining products orders and offers platform.

In an earlier statement, the Saudi Ministry of Industry and Mineral Resources announced that it would organize on Jan. 11-13 in Riyadh, the International Mining Conference, which will represent an opportunity for governments, companies, and investors to discuss various issues and challenges facing the sector over the past two years.



Gold Edges Higher in Holiday Trade; Eyes on Fed's 2025 Plan

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 Edges Higher in Holiday Trade; Eyes on Fed's 2025 Plan

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 inched higher on Thursday in holiday-thinned trade, as investors focused on the US Federal Reserve's interest rate strategy and anticipated tariff policies under President-elect Donald Trump, both of which could influence the metal's direction in the coming year.

Spot gold rose 0.2% to $2,619.59 per ounce, as of 0023 GMT.

According to Reuters, bullion has surged approximately 27% so far this year, scaling multiple record highs, fueled by significant Fed rate cuts, including a jumbo reduction in September, and heightened geopolitical uncertainties.

Meanwhile, US gold futures steadied at $2,637.10.

In a holiday-curtailed week, trading volumes will likely thin out as the year-end approaches, and Markets are eyeing jobless claims data due later in the day, while preparing for major policy shifts, including tariffs, deregulation and tax changes, in 2025 as Trump returns to the White House in January.

On the geopolitical level, the Palestinian militant group Hamas and Israel traded blame on Wednesday over their failure to conclude a ceasefire agreement despite progress reported by both sides in past days.

Gold is considered a safe investment option during economic and geopolitical turmoil and tends to thrive in a low interest rate environment.