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.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
April 27,2020

Riyad, Apr 27: The Saudi-led Arab Coalition supporting Yemen’s UN-recognized government on Monday urged all parties to end any escalation of hostilities and return to the status that existed before the Southern Transitional Council (STC) declared self-rule.

In a statement carried by the Saudi Press Agency (SPA), the coalition emphasized “the need to cancel any step that violates the Riyadh agreement and work to accelerate its implementation.” 

On Sunday, the United Arab Emirates-backed STC scrapped a peace deal with the internationally recognized government of President Abed Rabbo Mansour Hadi.

Accusing the government of corruption and mismanagement, the separatists said they would “self-govern” the key southern port city of Aden and other southern provinces.

Yemen’s Foreign Minister Mohammed Al-Hadhrami described the move as a “resumption of its (STC’s) armed insurgency and rejection and complete withdrawal from the Riyadh agreement.” 

Authorities in Yemen’s southern provinces of Hadramawt, Abyan, Shabwa, Al-Mahra and the remote island of Socotra also rejected the separatist group’s claim to self-rule.

The government said local and security authorities in the five provinces dismissed the move as a “clear and definite coup.” 

Some of the provinces issued their own statements condemning it.

The coalition appealed to all parties to “give priority to the interests of the Yemeni people over any other interests”. 

It also urged the parties involved not to lose their focus on working to achieve the goal of restoring the state, ending the Houthi “coup” and “countering terrorist organizations”.

“The Coalition has and will continue to undertake practical and systematic steps to implement the Riyadh Agreement between the parties to unite Yemeni ranks, restore state institutions and combat the scourge of terrorism,” the statement said. “The responsibility rests with the signatories to the Agreement to undertake national steps toward implementing its provisions, which were signed and agreed upon with a time matrix for implementation.”

The STC has been part of the coalition-backed forces fighting the Iran-backed Houthi militia, which seized control of the Yemeni capital Sanaa and other provinces in 2014.

The Houthi “coup” has led to the formation of the Saudi-led coalition, which had since driven away the Houthis from the south and other provinces. President Hadi’s government has made Aden as its temporary seat.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 19,2020

Dubai, May 19: The UAE announced 832 new Covid-19 cases on Monday following 37,844 additional tests, taking the total tally of coronavirus infections in the country to 24,190.

The Ministry of Health and Prevention also reported four additional deaths, taking the death toll to 224. Meanwhile 1,065 patients also recovered after receiving the necessary treatment, taking the total number of recoveries to 9,577, the ministry said.

“We see a daily increase in cases due to the irresponsible behaviour of some people who are not aware of the consequences of not adhering to health guidelines,” said Dr Amna Al Dahak Al Shamsi, official spokesperson of the UAE government.

“The widening circle of infections requires no more than a few violations by just one or two people to completely infect families with the coronavirus,” she said.

“The decision to partially ease restrictions is aimed at achieving a balance between meeting the needs of a segment of society, whose source of income is linked to the commodity trade sector, and between continuing to adhere to the recommended health guidelines, and hence many restrictions and conditions have to be followed.”

However, she also appreciated the citizens and residents adhering to the precautionary measures.

“It is heartening for us to see many families committed to avoiding family gatherings,” she said. “As we prepare for Eid Al-Fitr, we are confident that citizens and residents will continue to adhere to health and preventive guidelines, and serve as role models to the world,” she added.

Change in disinfection programme timings

Officials also announced that the UAE’s National Disinfection Programme will now be in place from 8pm to 6am, starting Wednesday, May 20, until further notice. The scheme currently runs from 10pm until 6am.

Dr Saif Al Dhaheri, spokesman of the National Authority for Emergency, Crisis and Disaster Management said the amendment comes in light of the “increased number of Covid-19 cases, and the leniency of some members of society and their indifference to preventive measures”.

Food outlets, cooperative societies, groceries, supermarkets, and pharmacies will continue to operate 24 hours a day, seven days a week during the sterilisation programme period.

Meanwhile meat and vegetable shops and outlets selling fruits, toasters, mills, slaughterhouses, fish, coffee and tea, in addition to shops selling nuts, sweets and chocolate, can operate from 6am until 8pm.

Shopping centres and malls can stay open from 9am to 7pm starting Wednesday, May 20, officials added.

“We stress the importance of all stores and those authorised to operate to adhere to the applicable health and safety procedures, which include ensuring that the percentage of shoppers does not exceed 30 per cent of the total capacity,” said Al Dhaheri.

He also confirmed that children under 12 and those over 60 will not be permitted to enter malls and shopping centres.

“We warn visitors to the centres that the shopping period should not exceed two hours in order to reduce the crowding of shoppers, and to maintain the 30 per cent capacity.”

Eid restrictions

Al Dhaheri urged the public to avoid family visits and gatherings during Eid Al Fitr this year and to instead communicate using online means or by phone. He also stressed that people should refrain from distributing ‘Eid’ money to children.

“With regard to Eid prayers, we stress the importance of adhering to what was mentioned by the Emirates Legal Fatwa Council, which is to pray at home and to take health protection reasons as a legal obligation, a necessity of life, and a national commitment,” he added.

Heftier fines

Officials also announced heftier fines to ensure that the regulations are being adhered to.

“It was clear to us, in light of the follow-up, that there was reckless behaviour from some individuals, along with the insistence of some to commit a certain type of violation as well as indifference,” said Salem Al-Zaabi, acting head of the Public Prosecution for Emergencies, Crisis and Disasters.

The Public Prosecution has decided to update the list of previously announced violations and fines and administrative penalties to “suit the current situation”, he said.

Some of the new fines include:

– Dhs50,000 on educational institutions, cinemas, gym, stores, parks, beaches, pools or supermarkets that do not adhere to coronavirus measures

– Dhs50,000 fine on those who don’t adhere to quarantine restrictions

– Dhs10,000 for organising gatherings with participants also fined Dhs5,000 each

– Dhs5000 for refusing to do a Covid-19 test

– Dhs3,000 for not wearing a mask in public

– Dhs3,000 if more than three people are travelling in one car

– Dhs3,000 for companies failing to adhere to the 30 per cent limit on workforce at office

– Dhs3,000 for not adhering to social distancing

– Dhs3,000 fine for violating restrictions during the disinfection period

Repeat offenders will be referred to the Public Prosecution and can face a criminal trial with the possibility of imprisonment for a period not exceeding six months and/or a fine of at least Dhs100,000.

“The pictures and names of violators will be published in newspapers and media upon the decision of the Public Prosecutor if he deems it necessary,” added Al Zaabi.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 6,2020

Dubai, Jan 6: Iran announced a further rollback of its commitments to the troubled international nuclear accord Sunday amid anger over the US killing of a top commander which also prompted Iraq's parliament to demand the departure of American troops.

While vast crowds gathered in Iran's second city of Mashhad as Qasem Soleimani's remains were returned home, the Tehran government said it would forego the "limit on the number of centrifuges" it had pledged to honour in the 2015 agreement which was already in deep trouble.

The announcement was yet another sign of the fallout from Friday's killing of Soleimani in Baghdad in a drone strike ordered by President Donald Trump, which has inflamed US-Iraqi relations and among the rival camps in Washington.

Iran's 2015 nuclear accord with the United Nations Security Council's five permanent members -- Britain, China, France, Russia and the United States -- plus Germany has been hanging by a thread since the US withdrew unilaterally from it two years ago.

European countries have been pushing for talks with Iran to salvage the deal, inviting Iranian Foreign Minister Mohammed Javad Zarif to Brussels for talks, but the prospect of progress seemed remote after the government's statement on Sunday night.

"Iran's nuclear programme no longer faces any limitation in the operational field", said the statement.

This extends to Iran's capacity for enriching uranium, the level of enrichment carried out, the amount enriched, and other research and development, it said.

"As of now Iran's nuclear programme will continue solely based on its technical needs," it added.

Europe urges Iran to rethink

Until now, Iran has said it needs to enrich uranium up to a level of five percent to produce fuel for electricity generation in nuclear power plants.

Tehran said it would continue cooperating "as before" with the International Atomic Energy Agency but the leaders of Germany, France and Britain reacted by urging Iran to rethink its announcement.

"We call on Iran to withdraw all measures that are not in line with the nuclear agreement," Chancellor Angela Merkel, President Emmanuel Macron and Prime Minister Boris Johnson said in a joint statement.

The European leaders also urged Iran to refrain from taking "further violent actions or support for them."

"It is crucial now to de-escalate. We call on all the players involved to show utmost restraint and responsibility."

The Europeans have been among the chorus of voices urging restraint in the aftermath of the drone strike which killed Soleimani, the veteran commander of the Revolutionary Guards' foreign operations.

But as his remains were paraded through the streets of Mashhad, cries of "Revenge, Revenge" echoed through the streets while mourners threw scarves onto the roof of the truck carrying his coffin.

Soleimani's remains had been returned before dawn to the southwestern city of Ahvaz, where the air resonated with Shiite chants and shouts of "Death to America".

Some 5,200 US soldiers are currently stationed across Iraqi bases to support local troops preventing a resurgence of the Islamic State jihadist group.

But the government could be poised to demand they leave after a vote in the Baghdad parliament where caretaker prime minister Adel Abdel Mahdi joined 168 lawmakers -- just enough for quorum -- to discuss a motion to force US troops.

"The parliament has voted to commit the Iraqi government to cancel its request to the international coalition for help to fight IS," speaker Mohammed Halbusi announced.

The cabinet would have to approve any decision but the premier indicated support for an ouster in his speech.

'Iraqi people want the US'

US Secretary of State Mike Pompeo reacted by saying he would "take a look at what we do when the Iraqi leadership and government makes a decision" but indicated that he felt American troops were still welcome.

"We are confident that the Iraqi people want the United States to continue to be there to fight the counterterror campaign," Pompeo said on Fox News.

Two rockets hit near the US embassy in Baghdad late Sunday, the second night in a row that the Green Zone was hit and the 14th time over the last two months that US installations have been targeted.

Pompeo defended the decision to kill Soleimani while insisting that any further US military action against Iran would conform to international law.

Trump triggered accusations that he had threatening a war crime by declaring cultural sites as potential targets in a Tweet on Saturday night.

Zarif drew parallels with the Islamic State group's destruction of the Middle East's cultural heritage following Trump's tweets that sites which were "important to... Iranian culture" were on a list of 52 potential US targets.

"We'll behave lawfully," Pompeo told the ABC network.

House Speaker Nancy Pelosi has been leading the backlash against the Soleimani strike, an operation that Trump only officially informed Congress about after the event.

But Trump made light of the calls for him to get Congressional approval in the future, saying such notice was "not required" -- and then saying his tweet would serve as prior notification if he did decide to strike against Iran again.

"These Media Posts will serve as notification to the United States Congress that should Iran strike any US person or target, the United States will quickly & fully strike back, & perhaps in a disproportionate manner," Trump wrote.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.