Saudi Maaden sees positive Q4 on high gold prices

MANAMA, Oct 27 (Reuters) - High gold prices would contribute to positive fourth-quarter results for state-controlled Saudi Arabian Mining Co (Maaden) (1211.SE), the company's chief executive said on Tuesday.

"I think it will be positive because of the high gold price," Abdullah Dabbagh told reporters on the sidelines of a mining event in Bahrain when asked about his outlook for fourth-quarter earnings.

Spot gold prices XAU= hit a record high earlier in October at just over $1,070 an ounce. Investors have used gold as a safe haven during the financial crisis and economic downturn.

Higher gold revenues contributed to higher operating income for the company in the third quarter. Operating profit came in at 21 million riyals ($5.60 million) in the third quarter, compared to a loss of 28 million riyals in the same quarter last year. [ID:ID:nL1622211]

(Reporting by Amena Bakr; Writing by Simon Webb; Editing by Jason Benham)