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
February 28,2020

Riyadh, Feb 28: Saudi Arabia on Thursday (Feb 27) suspended visas for visits to Islam's holiest sites for the "umrah" pilgrimage, an unprecedented move triggered by coronavirus fears that raises questions over the annual hajj.

The kingdom, which hosts millions of pilgrims every year in the cities of Mecca and Medina, also suspended visas for tourists from countries with reported infections as fears of a pandemic deepen.

Saudi Arabia, which so far has reported no cases of the virus but has expressed alarm over its spread in neighbouring countries, said the suspensions were temporary. It provided no timeframe for when they will be lifted.

"The kingdom's government has decided to take the following precautions: suspending entry to the kingdom for the purpose of umrah and visit to the Prophet's mosque temporarily," the foreign ministry said in a statement.

"Suspending entry into the kingdom with tourist visas for those coming from countries, in which the spread of the new coronavirus (COVID-19) is a danger."

The move comes as Gulf countries implement a raft of measures, including flight suspensions and school closures, to curb the spread of the disease from people returning from pilgrimages to Iran.

Even as the number of fresh coronavirus cases declines at the epicentre of the disease in China, there has been a sudden increase across the Middle East.

Since its outbreak, the United Arab Emirates has reported 13 coronavirus cases, Kuwait has recorded 43, Bahrain has 33 and Oman is at four cases.

Iran has emerged as a major hotspot in the region, with 19 fatalities from 139 infections - the highest death toll outside China, where COVID-19 originated.

While no cases have been reported in Saudi Arabia, one citizen is reported to be infected in Kuwait along with four Saudi women in Bahrain - all of whom had returned from Iran.

'UNPRECEDENTED' MOVE

The umrah, which refers to the Islamic pilgrimage to Mecca that can be undertaken at any time of year, attracts millions of devout Muslims from all over the globe each year.

There was no clarity over how the move would affect the annual hajj pilgrimage due to start in late July.

Some 2.5 million faithful travelled to Saudi Arabia from across the world to take part in last year's hajj - one of the five pillars of Islam.

The event is a key rite of passage for Muslims and a massive logistical challenge for Saudi authorities, with colossal crowds cramming into relatively small holy sites.

"This move by Saudi Arabia is unprecedented," Ghanem Nuseibeh, founder of London-based risk consultancy Cornerstone Global Associates, told news agency.

"The concern for Saudi authorities would be Ramadan, which starts at the end of April, and hajj afterwards, should the coronavirus become a pandemic."

The holy fasting month of Ramadan is considered a favourable period by Muslim pilgrims to perform the umrah.

Saudi Arabia's custodianship of Mecca and Medina - Islam's two holiest sites - is seen as the kingdom's most powerful source of political legitimacy.

But a series of deadly disasters over the years has prompted criticism of the Sunni kingdom's management of the pilgrimage.

In September 2015, a stampede killed up to 2,300 worshippers - including hundreds of Iranians - in the worst disaster ever to strike the pilgrimage.

The pilgrimage forms a crucial source of revenue for the government, which hopes to welcome 30 million pilgrims annually to the kingdom by 2030.

De facto ruler Crown Prince Mohammed bin Salman's Vision 2030 reform plan seeks to shift the economy of Saudi Arabia - the world's top crude exporter - away from oil dependency towards other sources of revenue, including religious tourism.

Comments

Whether this virus is also created by Allah the powerful? If yes then Muslims need not fear, they should continue to go the Mecca, on the Non-muslims should fear because allah hates them. &

 

And if the Virus not created by Allah, then Who created it?  Is there anyone else other than Allah?

 

You Fool Go-vind...there is no logic in your statement.

will you touch burning fire for 2 min if you are fearless...foolish right

 

GOD is not magic...its logical

 

God never helped any Human beigh with magic to conver to his religion,

he would have done then all will be worshipping him alone..

 

this is test for all human being

 

he created all human beign and he loves every human being but he loves only those who good to another human.

 

screem how ever you want..but muslim population will increase 100%.

please check your health before cursing other.

 

So-called powerfull GOD saved all human beign when they sincierly prayed also you.

 

the more you hate ISLAM the more it become powerful.

 

HINUD is not religion but it is geographical name

RAM is not god but he is king of ayodya same human beign

Phophet Mohammed Pbuh is not GOD but he is messanger of GOD

Veda says na thasya parathima asti- there is no image of GOD but you make some photo and worship.

the biggest sin in front of GOD which will never be forgiven is  worshipping Idol.

God is one not multi...if god is mutli then there is no meaning in justics

 

Love human being automatically God loves you

 

 

Govind
 - 
Friday, 6 Mar 2020

Fools.. Why they fear virus. If somebody ask them, they say we have fear only on Allah. They should go there.. they should be infected and population should decease. Let their so-called powerful god save them

Logical Indian
 - 
Friday, 6 Mar 2020

Muslims fear only Allah and no body else. then why this fear for the virus. They should trust allah fully and allow pilgirms. "Allah o akbar"

Abdul Rahman
 - 
Friday, 28 Feb 2020

Mecca to b spelled Makkah.

Makkah is the correct spelling

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News Network
May 26,2020

Dubai, May 26: Business activities will reopen from 6am to 11pm as of Wednesday, May 27, across the emirate, it was announced on Monday.

The announcement of reopening business activities followed a virtual meeting of Dubai’s Dubai’s Supreme Committee of Crisis and Disaster Management chaired by Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council.

The virtual meeting was also attended by Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai, and Sheikh Mansour Bin Mohammed Bin Rashid Al Maktoum, Chairman of the committee and members of the committee.

The gradual reopening of business activities in Dubai will take place from the fourth day of Eid Al Fitr, Wednesday, May 27. Once the announcement comes into effect, there will be no restrictions on movement between 6am and 11pm.

The decision followed a comprehensive assessment of the committee’s reports, various health and socio-economic aspects and a thorough review of the COVID-19 situation. International guidelines for co-existing with COVID-19 were also taken into consideration before making the decision. The new measures are aimed at adapting to the COVID-19 situation without disrupting activity in vital sectors while strictly observing precautionary measures including wearing of face masks, observing minimum physical distancing of two metres, use of sanitisers and regular handwashing with soap and water for 20 seconds.

Sheikh Hamdan stressed on the need for Dubai authorities to further raise community awareness about precautionary measures. Highlighting Sheikh Mohammed’s statement “Everyone is responsible”, he said the community should understand the importance of strictly following preventive steps. Fully adhering to guidelines is key to restoring normal life, he added.

“We are aware of the pressures many sectors are facing because of the repercussions of the COVID-19 pandemic. The UAE society has high levels of resilience to any crises and challenges. We have been following the severe impact of the COVID-19 outbreak on countries around the world. What makes us different is our ability to deal positively with changes and our agility. We have all the elements necessary to adapt to these challenging circumstances. I am confident that all members of the society will come together to overcome this crisis as soon as possible,” Sheikh Hamdan said.

During the meeting, Sheikh Hamdan was briefed about the latest developments related to the crisis and the readiness of various sectors in Dubai, mainly the healthcare sector, to deal with any scenario in the upcoming period.

Recent proactive measures have reinforced Dubai’s ability to deal with any unforeseen situation. The emirate has enhanced its hospital capacity by joining hands with the private sector and set up a fully equipped field hospital in Dubai World Trade Centre, which can accommodate up to 3,000 beds.

Sheikh Hamdan was also briefed on the potential capacity of the field hospital at Dubai Parks and Resorts, which was built under the directives and with the generous support of His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. The 29,000 square metre hospital set up by the Abu Dhabi Health Services Company (SEHA) can accommodate up to 1,200 patients.

Sheikh Hamdan also reviewed preparations to gradually reopen various spheres of life while maintaining stringent precautionary and preventive measures including physical distancing, wearing of face masks, use of sanitisers and prevention of congestion and crowding. Protective measures also include guidelines on social customs and behaviour for members of the community, especially with regard to family visits.

Sheikh Hamdan was also briefed on the preparedness of key authorities in Dubai to manage the next phase, including Dubai Health Authority (DHA), COVID-19 Command and Control Centre (CCC), Dubai Police, State Security Department, Dubai Civil Defence, Dubai Ambulance, Dubai Municipality, Roads and Transport Authority (RTA), Department of Tourism and Commerce Marketing, the Department of Economic Development in Dubai (DED), Government of Dubai Media Office (GDMO) and other government entities whose efforts are key to maintaining the progress achieved in containing the COVID-19 pandemic.

Sheikh Hamdan called on all key organisations to intensify monitoring to ensure institutions, economic sectors and the public comply with all precautionary guidelines. He expressed his appreciation for the efforts of the National Emergency Crisis and Disaster Management Authority (NCEMA) and the Ministry of Health and Prevention. He also expressed his appreciation for the efforts of the Supreme Committee of Crisis and Disaster Management and all local and federal authorities to combat COVID-19. The Crown Prince affirmed that the safety and security of citizens and residents remain the highest priority of the UAE’s leadership.

The latest announcement comes as the Dubai government continues its efforts to ensure the highest level of safety for members of the community with the support of various entities. Its key recent measures have included intensified sterilisation at various areas and facilities and increased COVID-19 tests in densely populated areas to facilitate early detection of cases and isolation of people testing positive.

Dubai has deployed state-of-the-art equipment to support medical staff in conducting widespread tests. These have included tests for critical segments like people of determination and the elderly. The emirate has also enhanced monitoring of various entities to ensure compliance with precautionary measures and imposed fines on individuals and entities violating guidelines. Additionally, the Government of Dubai launched urgent economic measures to support sectors most affected by the pandemic including a Dh1.5 billion economic stimulus package introduced in March to ease the crisis’s financial impact on small and medium enterprises.

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Agencies
May 31,2020

Riyadh, May 31: Over 90,000 mosques in Saudi Arabia reopened their doors to worshippers on Sunday morning after over a two-month closure as part of an ease in the curfew restrictions to prevent the spread of the novel coronavirus.

The worshipers were allowed to enter the mosques, except the mosques in Makkah, from Fajr prayers today morning (Shawwal 8) with a limit of 40 per cent capacity.

The reopening of mosques was be undertaken in accordance with the guidance of Minister of Islamic Affairs, Dr Abdullatif Al Asheikh, and in line with advice issued by the Senior Council of Ulemas.

The ministry has embarked on a vigorous media campaign to urge all worshippers to abide by preventive measures for their own safety to curb the spread of Covid-19.Among the instructions are doing ablution at home, hand-washing and using sanitisers before going out to the mosque and after coming back home.

On Saturday, the Custodian of the Two Holy Mosques King Salman has approved opening the Prophet's Mosque in Madinah in stages to the public.

The elderly and those with chronic diseases are advised to perform their prayers at home. Reading and reciting the Holy Quran online is advised, too, from one's own mobile phone or at least reading from a privately owned copy of the Holy Quran.

Bringing one's prayer mat to perform prayers in mosques is highly recommended as well as keeping a two-metre distance between one another prayer.

Accompanying children under the age of 15 to the mosques is prohibited. Putting on a face mask and avoiding shaking hands and other contact is also recommended.

Meanwhile, the ministry managed, during the closure of mosques, to undertaking a massive cleaning, sanitising and maintenance drive in all mosques Kingdom-wide, according to world-class standards and best known practices. This included sanitising over 10 million mosques, 43 million copies of several sizes and volumes of the Quran, more than 600,000 Holy Quran cupboards, in addition to repairing and maintaining about 176,000

water closets, annexed to mosques.

 

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