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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Agencies
August 2,2020

Kuwait, Aug 2: Kuwait has barred entry of foreign passengers from over 30 countries including India and China.

A circular from the Director General Civil Aviation, State of Kuwait directed all airlines operating at Kuwait International Airport to adhere to the instructions in this regard.

"Based on the decision of the Health Authority in State of Kuwait, no foreign passenger coming from the down listed countries will be allowed to enter the State of Kuwait," the circular read.

These include- India, Iran, China, Brazil, Colombia, Armenia, Bangladesh, Philippines, Syria, Spain, Singapore, Bosnia and Herzegovina, Sri Lanka, Nepal, Iraq, Mexico, Indonesia, Chile, Pakistan, Egypt, Lebanon, Hong Kong, Italy, North Macedonia, Moldova, Panama, Beirut ,Serbia Montenegro, Dominican Republic and Kosovo.

The circular stated that such restriction will also include the passengers were present 14 days before the date of travel until further notice.

The ban was announced the same day Kuwait began a partial resumption of commercial flights according to Khaleej Times, which quoted authorities stating that Kuwait International Airport would run at about 30 per cent capacity from Saturday, gradually increasing in coming months.

According to the latest data from Johns Hopkins University, Kuwait has reported 67,448 cases of coronavirus while the fatalities related to the virus stand at 453.

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News Network
May 25,2020

May 25: A total of 241 Indians including 136 people who were jailed in Kuwait would return to the country soon, a senior minister said on Sunday.

The other 105 people were stranded in Bangladesh, Law Minister Ratan Lal Nath said.

"Altogether 136 people from Tripura and Assam, who are at present in jail in Kuwait for violating that country's laws, would be deported. They will reach Guwahati between May 27 and June 4 in a special flight," Nath told reporters.

He said the matter has been officially informed by the Kuwaiti government, but the reason for their imprisonment is not known.

"We had requested the Kuwaiti authorities to drop the Tripura residents here. However, they informed us that the flight would land in a single airport," the minister added.

Nath said 105 residents of Tripura, who are stranded in different places of Bangladesh will return to the state through the Agartala-Akhaura integrated check post on May 28.

"They would be taken to institutional quarantine and swabs of all the passengers would be collected for COVID-19 test," Nath said.

If the report of their samples tests negative, they would be allowed to leave the facility and remain under 14 days of home quarantine. And those who test positive would be hospitalized, he said.

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Agencies
July 31,2020

Jeddah, Jul 31: Hajj 2020 pilgrims arrived in Muzdalifah Thursday night to rest after spending the day in Arafat.

Earlier, the pilgrims scaled Mount Arafat to pray and repent, as a highly unusual Hajj approached its climax. They listened to a sermon delivered by Sheikh Abdullah Al-Manea and prayed Dhuhr and Asr prayers together at the Al-Namirah Mosque in Arafat.

This year’s pilgrimage is the smallest in modern times, after the number of participants was greatly restricted to prevent the spread of the coronavirus. 

Tight security was in place around the foot of the rocky hill outside Makkah, also known as Jabal Al-Rahma or Mount of Mercy, in preparation for the high point of the annual ritual.

Video footage shown on state television showed the pilgrims setting off on their climb to the summit. They wore face masks and observed strict social-distancing rules imposed by Saudi authorities.As sprinklers sprayed water on them to provide relief from the summer desert heat, the pilgrims raised their palms as they climbed the slopes of the hill — the site of Prophet Muhammad’s last sermon. When they reached the top they recited holy verses and prayed for forgiveness for their sins.

Earlier, the pilgrims were taken in buses from Mina to Mount Arafat. Strict precautionary measures were in place, with each group accompanied by security teams, ambulances and civil defense vehicles. 

When they arrived, their temperatures were checked before they entered Namirah Mosque to hear a sermon that was translated into 10 languages.

“The camps were set up for pilgrims in Arafat early on,” said Minister of Hajj and Umrah Muhammad Salih Bentin. The sermon at Namirah Mosque was delivered by Sheikh Abdullah Al-Manea, who led the pilgrims in noon and afternoon prayers.

“During Hajj this year, we reiterate that it is essential for pilgrims, as well as everyone assisting them, to adhere to the precautionary regulations that have been implemented,” Al-Manea, a member of the Council of Senior Scholars, said during his sermon. “This is to be done for their own safety.

“Precautions have been put in place to protect lives against the damage that the pandemic can cause, and also to actualize Islam’s teachings pertaining to safeguarding human life by Allah’s permission.”

The stay in Arafat is described as the pinnacle of Hajj and Muslims around the world reflect the actions of pilgrims by asking for forgiveness and praying for their deepest desires.
Pilgrims left Arafat in coaches for Muzdalifah after sunset and will pray the Maghrib and Isha prayers there.

After sunset prayers, the pilgrims made their way down Mount Arafat to Muzdalifah, where they will spend the night before the final Hajj ritual, the symbolic stoning of the devil. 

This year, each pilgrim received sanitized pebbles in advance of the event on Friday, which is the first day of Eid Al-Adha.
This year the Kingdom faced the unprecedented challenge of ensuring pilgrims attending Hajj were protected as much as possible from the risks of the coronavirus.

They will then sleep, pray the Fajr prayer there tomorrow and then leave for Mina.

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