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
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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News Network
April 25,2020

Riyadh, Apr 25: Saudi Arabia announced nine deaths and 1,197 new cases of the COVID-19 virus on Saturday.

Of these cases, 120 were recorded in Madinah, 364 in Makkah, 271 in Jeddah, 170 in Riyadh and 43 in Dammam.

The number of people who had recovered from the coronavirus in the Kingdom increased to 2,214 after 165 patients were reported to have recovered.

A total of 136 people have died of the disease in the Kingdom so far.

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Agencies
May 25,2020

Abu Dhabi, May 25: Dusty weather to persist in the UAE on Monday as well with a chance of rainfall in parts of the country, the national Met department reported.

According to the NCM, the weather today will be fair to partly cloudy, with a chance of some convective clouds formation by afternoon - eastward and northward - extending to some internal areas that may be associated with some rainfall.

The weather will get humid by night and Tuesday morning over some coastal areas.

NCM predicts a wet Eid break.

Sharjah Police issued a weather warning as heavy rain flooded roads in Sharjah's Kalba among other areas.

Moderate to fresh winds will gain strength during the day causing blowing dust and sand.

The sea will be slight to moderate in the Arabian Gulf and in Oman Sea.

Earlier on Sunday, a weather alert was issued by authorities as moderate to heavy rain - accompanied with hail - lashed parts of the UAE. A rainbow in Dubai skies cheered up residents, celebrating a unique Eid this year amid the coronavirus Covid-19 pandemic - by mostly staying home.

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