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
July 5,2020

Riyadh, Jul 5: Custodian of the Two Holy Mosques King Salman has approved the extension of the validity of the expired iqama (residency permit) and exit and reentry visas of expatriates who are outside the Kingdom for a period of three months without any fee.

The iqama of expatriates inside the Kingdom as well as the visa of visitors who are in the Kingdom of which the validity expires during the period of suspension of entry and exit from the Kingdom will also be extended for a period of three months without any charge.

The validity of final exit visas as well as exit and reentry visas issued for expatriates, who are in the Kingdom, but were not used during the lockdown period will be extended for a period of three months without any fee, the Saudi Press Agency reported quoting an official source at the Ministry of Interior.

The ministry source said that these measures were taken as part of the continuous efforts made by the government of King Salman to mitigate the effects of the coronavirus pandemic on individuals as well as on private sector establishments and investors, economic activities in the Kingdom, following the adoption of the preventive measures to stem the spread of the pandemic.

The beneficiaries of the King’s order include all expatriates who are outside the Kingdom on exit and reentry visas, which expired during the lockdown period and after lifting of the lockdown.

These expatriates are not in a position to return to the Kingdom due to the enforcement of suspension of international flight service and temporary ban on entry and exit from the Kingdom.

The beneficiaries also include those expatriates who are still in the Kingdom after issuance of final exit visas or exit and reentry visas but could not travel because of the suspension of entry and exit from the Kingdom.

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News Network
April 28,2020

Dubai, Apr 28: Riyadh municipality has announced 13 requirements to restore commercial activity in malls starting Wednesday (April 29), in accordance with the government’s coronavirus precautionary measures.

The requirements include: the continued closure of all entertainment and playing areas inside malls, and not allowing the entry of children under the age of 15.

The municipality requires all malls to ensure the availability of medical examination and sterilization teams to measure the temperature of all individuals entering the mall at all entrances throughout opening hours, prevent any person with a temperature exceeding 38 degrees Celsius from entering, remove all chairs and benches in the corridors, and provide masks and gloves for visitors at the entrances.

All malls are to have security personnel stationed at all entrances to ensure that visitors are wearing masks.

The municipality also requires all malls to sterilize the entire facility every 24 hours, allocate rooms for medical isolation when there is any suspicion of an individual being infected with COVID-19, ensure the presence of a sufficient number of security personnel, and carry out regular rounds to verify full compliance, and suspend the valet service.

It also called for malls to put up explanatory signs of the guidelines to ensure that everyone understands the precautionary measures.

Malls should rely on the use of escalators and stairs for movement between floors, and in the event they are not available, only two people are allowed to ride the elevator at a time.

Revised curfew

Saudi Arabia had revised on April 21 its coronavirus curfew timings for the holy month of Ramadan, allowing residents in all areas and cities not currently under a 24-horu lockdown to go out between 9 a.m. and 5 p.m.

However, areas under a complete lockdown will only be allowed to go out for essential needs, such as grocery shopping or medical visits, between the hours of 9 a.m. and 5 p.m. Residents in these areas must stay within their neighborhoods

A 24-hour lockdown was previously imposed on the cities of Riyadh, Tabuk, Dammam, Dhahran, and Hofuf and throughout the governorates of Jeddah, Taif, Qatif, and Khobar.

The government had imposed a full lockdown on the holy cities of Makkah and Madinah as well. Other cities and governorates had a curfew implemented from 3 p.m. to 6 a.m. daily.

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Agencies
May 14,2020

Dubai, May 14: As many as 242 beggars of different nationalities have been nabbed by the Dubai Police since the beginning of the holy month of Ramadan.

Among those arrested, 143 were men, 21 were women and 78 were hawkers, said the police. "An anti-begging campaign was launched, especially to find beggar hotspots, to combat the negative phenomenon," said Colonel Ali Salem Al Shamsi, director of the anti-infiltrators department at the Dubai Police.

"Strict warnings have been issued to beggars to refrain from exploiting the sentiments of people during Ramadan," he added.

Col Al Shamsi also called on the public to stop helping them with money. "The public must direct those in dire straits through proper channels in order to get support from charitable institutions."

Col Al Shamsi also urged residents to report begging activities by calling 901 or through the Dubai Police app's 'Police Eye' feature.

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