Saudi Arabia recently announced the discovery of another gold deposit in the southern part of the Mansoura Masala gold mine, which stretches for 125 kilometers and is a world-class gold mine with a value of up to 50 trillion. This finding could have a significant impact on the global gold market, potentially triggering a decline in the price of gold.
Saudi Arabia's National Mining Company has reportedly explored the southern area of the Mansoura Masala gold mine and discovered a series of high-grade gold deposits. These deposits stretch for 125 kilometres and are expected to mine a huge 200 tonnes worth up to $50 trillion. The huge supply could have a significant impact on the global gold market.
Because of global geopolitics, the price of gold has remained high since then
Due to the impact of geopolitical problems in the past two years, the domestic gold price rose from more than 300 grams to more than 600 grams, and then has remained high, as of January 9, China's gold price was 612 yuan/gram, and the platinum price was 358 yuan/gram. (The price is for reference only, subject to the actual store)
Saudi Arabia has discovered a world-class gold mine, and domestic gold prices are expected to fall for the first time
However, the discovery of this world-class gold mine in Saudi Arabia could increase the supply of the global gold market, which could have a somewhat suppressive effect on gold prices.
Some market analysts believe that this could lead to a decline in the price of gold. They believe that Saudi Arabia's discovery has led to an increase in supply, which could affect the price of gold. Some investors may choose to move their funds to other areas of investment, which can have a negative impact on the price of gold.
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Overall, the discovery of this world-class gold mine in Saudi Arabia will have a significant impact on the global gold market. Investors need to pay close attention to market dynamics in order to make the right investment decisions in a timely manner. At the same time, domestic gold prices are expected to usher in a long-awaited decline.