Engineering group DRA has won a contract with Saudi Arabia's mining group Ma'aden Gold and Base Metals (MGBM) for the Ad Duwayhi gold mine, according to a report.
The mining project, located 450km southwest of Riyadh, will
Gold slid more than one per cent to its lowest since 2010 on Friday (July 24), on course for its biggest weekly loss in nine months, as strong US jobs data helped deepen this week's rout and fuelled fears the metal has some way to fall yet.
Gold bounced back above $1,100 an ounce on Thursday from the previous session's five-year low, as a retreat in the dollar prompted some investors to take advantage of the price drop to buy back into the market.
Many remained w
Gold edged up from a five-year low on Thursday as the dollar weakened, but the modest gains suggest bearish investors are still hovering in the market after an early-week rout led to bullion's deepest loss in nearly two years.
Gold fell more than 1 per cent to a five-year low on Wednesday as a bounce in the dollar fuelled downside momentum, with investors continuing to pull away from the metal after its dramatic slide earlier this week.
A looming rise i
Gold fell on Wednesday for a seventh session in eight, reflecting sustained downward pressure on the metal days after its steepest drop in almost two years, with more losses seen ahead as the demand outlook dims.
A looming hike in
Gold was on the brink of five year lows on Tuesday (July 21), with more losses expected in the coming months following Monday's ‘bear raid’ when sellers dumped an estimated 33 tonnes in just two minutes.
The US dollar held broad gains in Asia on Monday as investors looked ahead to higher interest rates from the Federal Reserve, while gold slumped to five-year lows as a lack of global inflation left little to hedge against.
Gold fell close to its lowest level in eight months on Friday (July 17) pressured by a strong dollar and increasing bets on a Federal Reserve rate rise this year while platinum hit lows not seen in more than six years.
Gold hovered near its lowest level since March on Thursday after Federal Reserve Chair Janet Yellen reiterated that a US interest rate increase is likely this year, buoying the dollar at bullion's expense.
Yellen said the US c