Rising gold prices threaten some factories with closure

August 12, 2013

Rising_gold_pricesJeddah, Aug 12: The rising prices of gold during the past two weeks caused stagnation in the Saudi market, and pushed gold merchants to activate sales because factories didn’t halt their production, according to the National Committee for Precious Metals.

The price of the precious metal has registered the second weekly decline, while the dollar has recovered from its lowest value since seven weeks ago.

Speculation about the US Federal Reserve to reduce the bonds purchase program with a value of $85 billion a month was triggered by the low price of gold, which reached its lowest levels this week.

“Gold merchants didn’t lose because of the declining world prices, because most of them deal with gold as physical balance, and most merchants have sufficient gold accounts,” said Ahmad Al-Sharif, member of the National Committee for Precious Metals.

Gold prices declined by 0.2 percent, to $1,308 per ounce, and the market is about to close at 0.25 percent. Delayed US gold contracts, which will be delivered in December declined by $2, to $1,307.90 per ounce.

Silver prices stabilized at $20.19 per ounce, while platinum gained 0.1 percent to $1,488 per ounce. Palladium rose 0.1 percent to $736.97 per ounce.

Meanwhile, the National Committee for Precious Metals is attempting to ferret out illegal gold sellers, which had controlled as much as one-quarter of the gold market.

“Workshops have been organized, which held unknown names in the gold trade, or operated from places that didn’t have defined headquarters contained products with ambiguous origins were combated,” said Al-Sharif. “We are working on a mechanism to combat violating workshops, and educate consumers and merchants who deal with such workshops. We advise merchants, and gold market clients to buy gold from approved individuals.”

He pointed to the existence of “workshops alien to the market” that had a large share before prices rose, which control 25 percent of the market.

“After the rising prices a large number of these workshops sold their stocks and changed their activities because they were illegal dealers,” he said. “After strict controls and the correction of labor status these violating workshops will be eliminated, because most of them are illegal workers who practice their business in un licensed areas.”

“At the present time, and because of the strict control of the Passport Department and the Ministry of Labor, these workshops have 10 percent of the market share,” he said.

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News Network
January 6,2020

Dubai/Washington, Jan 6: Tens of thousands of Iranians thronged the streets of Tehran on Monday for the funeral of Quds Force commander Qassim Suleimani who was killed in a US air strike last week and his daughter said his death would bring a "dark day" for the United States.

"Crazy Trump, don't think that everything is over with my father's martyrdom," Zeinab Suleimani said in her address broadcast on state television after US President Donald Trump ordered Friday's strike that killed the top Iranian general.

Iran has promised to avenge the killing of Qassim Suleimani, the architect of Iran's drive to extend its influence across the region and a national hero among many Iranians, even many of those who did not consider themselves devoted supporters of the Islamic Republic's clerical rulers.

The scale of the crowds in Tehran shown on television mirrored the masses that gathered in 1989 for the funeral of the founder of the Islamic Republic, Ayatollah Ruhollah Khomeini.

In response to Iran's warnings, Trump has threatened to hit 52 Iranian sites, including cultural targets, if Tehran attacks Americans or US assets, deepening a crisis that has heightened fears of a major Middle East conflagration.

The coffins of the Iranian general and Iraqi militia leader Abu Mahdi al-Muhandis, who was also killed in Friday's attack on Baghdad airport, were passed across the heads of mourners massed in central Tehran, many of them chanting "Death to America".

One of the Islamic Republic's major regional goals, namely to drive US forces out of neighbouring Iraq, came a step closer on Sunday when the Iraqi parliament backed a recommendation by the prime minister for all foreign troops to be ordered out.

"Despite the internal and external difficulties that we might face, it remains best for Iraq on principle and practically," said Iraqi caretaker Prime Minister Adel Abdul Mahdi, who resigned in November amid anti-government protests.

Iraq's rival Shi'ite leaders, including ones opposed to Iranian influence, have united since Friday's attack in calling for the expulsion of US troops.

Esmail Qaani, the new head of the Quds Force, the Revolutionary Guards' unit in charge of activities abroad, said Iran would continue Suleimani's path and said "the only compensation for us would be to remove America from the region."

ALLIES AT FUNERAL

Prayers at Suleimani's funeral in Tehran, which will later move to his southern home city of Kerman, were led by Iran's Supreme Leader Ayatollah Ali Khamenei. Suleimani was widely seen as the second most powerful figure in Iran behind Khamenei.

The funeral was attended by some of Iran's allies in the region, including Ismail Haniyeh, the leader of Palestinian group Hamas who said: "I declare that the martyred commander Suleimani is a martyr of Jerusalem."

Adding to tensions, Iran said it was taking another step back from commitments under a 2015 nuclear deal with six major powers, a pact from which the United States withdrew in 2018.

Washington has since imposed tough sanctions on Iran, describing its policy as "maximum pressure" and saying it wanted to drive down Iranian oil exports - the main source of government revenues - to zero.

Talking to reporters aboard Air Force One on the way to Washington from Florida on Sunday, Trump stood by his remarks to include cultural sites on his list of potential targets, despite drawing criticism from US politicians.

"They're allowed to kill our people. They're allowed to torture and maim our people. They're allowed to use roadside bombs and blow up our people. And we're not allowed to touch their cultural sites? It doesn't work that way," Trump said.

Democratic critics of the Republican president have said Trump was reckless in authorizing the strike, and some said his comments about targeting cultural sites amounted to threats to commit war crimes. Many asked why Soleimani, long seen as a threat by US authorities, had to be killed now.

Republicans in the US Congress have generally backed Trump's move.

Trump also threatened sanctions against Iraq and said that if US troops were required to leave the country, Iraq's government would have to pay Washington for the cost of a "very extraordinarily expensive" air base there.

He said if Iraq asked US forces to leave on an unfriendly basis, "we will charge them sanctions like they've never seen before ever. It'll make Iranian sanctions look somewhat tame."

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Agencies
July 5,2020

Iraq’s deputy parliament speaker Hassan Karim al-Kaabi on Saturday described the move as provocative and in violation of international law.

Kaabi also called on the Iraqi government to take swift measures to halt such actions.

The Embassy’s move to fire in a residential area in the heart of Baghdad is an unacceptable act and another challenge for the Arab country, adding to the mass of its provocations and illegal actions in Iraq, he noted.

According to Iraqi media, the US tested a patriot missile system inside Baghdad’s heavily fortified Green Zone.

Anti-US sentiments have been running high in Iraq since Washington assassinated top Iranian commander Qassem Soleimani and the second-in-command of the Iraqi popular mobilization units, Abu Mahdi al-Muhandis, in January.

Following the attack, Iraqi lawmakers unanimously approved a bill on January 5, demanding the withdrawal of all foreign troops.

Baghdad and Washington are currently in talks over the withdrawal of American troops. Iraqi resistance groups have vowed to take up arms against US forces if Washington fails to comply with the parliamentary order.

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News Network
March 25,2020

Riyadh, Mar 25: A 46-year-old man died of coronavirus in Saudi Arabia, becoming the Kingdom’s second death, according to a health ministry’s spokesman.

The health ministry recorded 133 new infections, bringing the total to 900.

Of those newly confirmed cases, 18 are associated with recent travel, and were placed in quarantine upon their arrival in the Kingdom, the spokesman said.

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